Binance Changes Payments Partner to Secure Customer Withdrawals

Pix Providers to Implement New KYC

On Friday, the global crypto exchange Binance halted deposits and withdrawals in Brazilian reals via the government's Pix payment system. In a statement, the business said it had ended its cooperation with Capitual, a local payment gateway handling Binance's payments and withdrawals via Pix for the previous year and eight months. Binance advises users on its platform that deposits via Pix are experiencing volatility due to a regulatory change by the Central Bank of Brazil (BC) but did not provide any details.

Pix Providers to Implement New KYC

The service outage occurs as the BC's deadline for Pix providers to implement new KYC (know your customer) regulations approaches.

"Binance will replace Capitual with a local payments supplier with substantial experience, which will announce soon," the business said, adding that it will sue Capitual.

According to the company, Binance is acquiring local brokerage Sim;paul, which has already been approved by the Central Bank and the Securities and Exchange Commission. Withdrawals and deposits made using Pix can take up to 72 hours to clear, according to Binance. Users can still conduct peer-to-peer deposits and withdrawals, according to the business.

KuCoin, which collaborates with Capitual, announced a modification in its KYC procedures this week. Users in the South American country have been sent to Capitual's website to complete their identification verification.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Binance Central Bank of Brazil Capitual

Binance Changes Payments Partner to Secure Customer Withdrawals

Usha Yadav

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.