Binance Has Resumed Accepting Brazilian Real Deposits And Withdrawals

Binance announced on Thursday that it has resumed deposits and withdrawals for Brazilian customers, following a change in payment providers that interrupted crypto transactions between the exchange and the country’s instant payment system Pix for nearly three weeks.

On June 17, a number of regional media publications claimed that Binance had ceased allowing reais deposits and withdrawals using Pix. The bitcoin exchange declared that day that it would no longer provide payment services in Brazil through the Barueri, Brazil-based bank Capitual.

Binance announced that it had chosen Latam Gateway as its new payment provider

BNB has been growing its local presence in Brazil over the past several months.

Local media, including Folha de So Paulo, claimed earlier this week that a So Paulo court had ordered the blocking of Capitual’s cash totaling $451.6 million Brazilian reals, or approximately $84.6 million. Many specifics surrounding the matter are still unclear, though.

According to a Capitual representative, the sum is related to asset purchases and sales conducted by Brazilians on the BNB platform. It claimed that withdrawals were halted when Binance failed to make the necessary changes, and that the money were stopped after Capitual modified its platform to comply with new specifications from Brazil’s national bank.

“Capitual does not comment on the decision of the São Paulo Court of Justice (TJSP), resulting from the ongoing judicial process filed by Binance, for running in secrecy of Justice,” the company said in a statement to The Block on June 5.

Meanwhile, Binance reiterated in a July 4 media statement that it is no longer doing business with Capitual. 

“On June 24, the exchange announced that it had signed a contract with a local partner more committed to its values ​​and to Brazilian users,” Binance said in response to an article in the publication Valor Econômico mentioning the blocked funds. “Binance also stresses that it has taken all necessary and reasonable steps towards Capitual to protect users and their resources and ensure they are not adversely affected by the change.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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