Binance suspended deposits and withdrawals in Brazil

The platform announced a change in its current local payment partner to offer a better experience for customers

20.06.2022 - 14:10

625

2 min

What’s new? Cryptocurrency exchange Binance announced the suspension of deposits and withdrawals in Brazil. According to a statement on the platform's blog, this was the result of a change of payment partner in the country. The company added that it is making the necessary changes to fix the problem.

Information in the blog

What does the statement say? Platform representatives said that Brazil is an important market for the company and they will continue to expand services in the country. It is reported that the exchange will replace Capitual with a local payment provider with more experience, which will be announced soon.

Why did the exchange change its partner? Bank Capitual, which provides payment services for Binance and other exchanges in the country, explained that this situation is due to new requirements that the Central Bank of Brazil imposes on participants in its payment platform Pix. According to the bank's statements, exchanges Kucoin and Huobi were able to adapt to the changes, while Binance refused to do so. The bank concluded that these requirements could not be sidestepped since they were “mandatory for its operations and that of its commercial partners.”

On June 13, DeFi-platform for Celsius lending suspended withdrawals, exchanges and transfers between accounts, a decision made “due to extreme market conditions.” No timeline was given for the resumption of services. The ultimate goal of Celsius is to stabilize liquidity as well as preserve and protect assets. Only interest accrual is available to the platform's clients.

Author: