Binance Restarts Brazilian Reals’ Deposits via Pix

Binance Restarts Brazilian Reals’ Deposits via Pix

The world’s largest cryptocurrency exchange Binance restarts deposits in Brazilian Reals (BRL) via the government’s Pix payment system.

The BRL deposits’ now-defunct suspension stems from the Central Bank of Brazil’s (CBC) new central bank policy. Termination of Binance’s partnership with Capitual is also a reason for its BRL deposits and withdrawal suspension.

Following a 2-week BRL withdrawal and deposits’ suspension from June 17, Binance states it will soon restart BRL withdrawals, as well.

Per an official statement from Binance, Capitual’s “actions conflict with its values.” Binance further assures initiation of “all necessary and appropriate measures in relation to Capitual to protect users and their resources and ensure that they are not adversely affected by the change.”

Recently Binance chose Latam Gateway as a payments provider in Brazil as a temporary solution to allow its Brazilian users to use its platforms efficiently under new regulations. Latam Gateway, having a CBC license to access the Pix payments network, utilizes BS2-hosted bank accounts.

Per a Brazilian local newspaper, Valor Econômico, recently the São Paulo Court of Justice (TJSP) seized $84.6 million (originally Binance clients’ money) from Capitual’s accounts.

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