Skip to main content

Binance Suspends Direct Deposits and Withdrawals in Brazil

binance

Binance announced this week that the direct withdrawal and deposits were suspended in Brazil. The exchange issued a statement where it announced that this was the result of a change in the payments partner in the country and that it will be taking legal steps against it. However, the partner states that Binance did not adapt to provide the new KYC information required by Brazil’s central bank.

Binance Stops Real Related Movements

Binance stopped real-based direct deposits and withdrawals in Brazil this week as a result of a change in its secondary payments provider. The exchange announced that it was making the necessary changes to fix this problem in the future to keep offering these services to its customers in Brazil. In a blog post explaining the situation, Binance stated:

[Binance] will promote a smooth transition in the coming weeks and that it is taking all necessary steps, including legal related to Capitual, to ensure that users are not adversely affected by the change.

Furthermore, the exchange stated that Brazil was “an extremely relevant market for the company,” and that it would continue to invest and expand services in the country.

Capitual Answers

Capitual, the bank that provides payments services for Binance and other exchanges in the country, clarified that this situation had to do with the new requirements that the Central Bank of Brazil is asking from participants of its Pix payments platform. According to statements from Capitual, the bank updated its technological platform to adapt to these changes and asked its partners to adapt their platforms to these new changes too.

The company stated:

The partner exchanges Kucoin and Huobi have adapted their systems to the changes that have taken place on the Capitual platform and the services provided to their users in transactions with reais happen regularly,

This means that according to them, only Binance has failed to adapt its technological platform to comply with the new requirements asked by the central bank of Brazil. The bank concluded by stating that these requirements could not be sidestepped, with these being “mandatory for its operation and that of its commercial partners.”

Binance’s new payments partner will be announced soon, and the company just referred to it as a “local payment provider with extensive experience.” In the meanwhile, Binance is directing its users to alternative withdrawal and deposit methods. The exchange recently had to pause bitcoin (BTC) withdrawals globally due to hardware wallet failures on wallet consolidation.

What do you think about the suspension of withdrawals and deposits of Binance in Brazil? Tell us in the comments section below.



from Bitcoin News https://ift.tt/LYWR8Zl
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more