The popular crypto exchange Binance has suspended withdrawals and deposits in Brazil via the government’s payment system Pix after the New Central Policy.
The company’s statement reveals that it has ended its association with the local payment gateway Capitual, which was responsible for Binance’s deposits and withdrawals for a year and eight months.
Binance is already on its way to acquiring local brokerage Sim;paul, which has already been issued by the Central Bank and the Securities and Exchange Commission.
It is worth mentioning that the decision to stop services coincided with the end of the deadline imposed by the Central Bank of Brazil for Pix providers to implement new KYC (know your customer) requirements.
“Binance will replace Capitual with a local payments provider with extensive experience, which will be announced soon,” the company stated, adding that it will take all steps even legal ones related to Capitual to ensure that users are not adversely affected by the change.
Binance said that withdrawals and deposits via Pix can take up to 72 hours to be cleared. The firm added that users can however continue with peer-to-peer deposits and withdrawals.
Also read: Binance’s CZ Wants to Re-enter Korean Market After a Year’s Closure
