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Title: Binance Suspends Transactions and Partnership in Brazil

Jun 20, 2022 09:30AM ET

By: AnalysisWatch

Following the central bank's policy, Binance stops deposits and withdrawals in Brazil. The global cryptocurrency exchange has suspended deposits and withdrawals in the Brazilian real. Binance has also stopped its cooperation with Pix, the Brazilian government's payment system.

The exchange has also suspended its agreement with regional payment gateway Capitual, which had been in place for a year and eight months. A blog post published by Binance said that the Brazilian central bank's financial policies prompted the exchange to make the decision.

Binance informed users that deposits made through Pix are subject to fluctuations due to a regulatory change by the Central Bank of Brazil (BC), but did not provide further information. Withdrawals and deposits made through Pix can take up to 72 hours to be processed, according to Binance. Users can still make peer-to-peer deposits and withdrawals, according to the exchange.

Binance announced today that it will switch from its current payment partner in Brazil to Klarna in order to provide a better solution for customers while moving forward with the acquisition process.

Binance has not yet explained the exact measures affecting the exchange. The suspension of Binance's service is reportedly due to Pix providers not meeting the KYC (Know Your Customer) criteria imposed by Brazilian banking regulators.

The exchange is still looking for the best alternative to replace Capitual. It also said it would replace Capitual with a local payment provider with extensive experience. She added that the announcement would be made shortly.

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