Binance has selected a new payment partner in the wake of Brazil’s suspension of direct fiat withdrawals and deposits. According to the company, it will now be working with Latam Gateway. Latam Gateway is a payments processing company which has been involved in payments intermediation since 2019. Binance stated that it was working to quickly normalize fiat withdrawal and deposit.
Binance, one the most popular cryptocurrency exchanges in terms of volumes traded, has revealed a new partnership that will solve its fiat movement problems on its platform, Brazil. According to the exchange, Latam Gateway has been appointed as its payments processor company, replacing Banco Capitual.
The exchange stated in a blog that Latam Gateway is a Brazilian payments processing company since 2019. It was founded by experienced executives in the field who also founded Boa Compra in 2014.
Binance spoke out about the importance of the country to the exchange:
Brazil is a very relevant market for the company. It will continue to invest in and expand local services, and contribute to the development and growth of the crypto and blockchain ecosystems in Brazil.
Binance has temporarily taken this measure to allow its users to use its platforms as normal, while the exchange is in the process acquiring SIM;paul, which is a company that is regulated by the Securities Watchdog of Brazil.
Earlier Woes
Binance began to experience withdrawals and deposits problems earlier in the month. This was when Capitual, the former payments partner, implemented stronger KYC measures and adapted its platform to meet the requirements of the Central Bank of the Country.
Binance stated that it would take legal action against Capitual. However, the payments company countered by stating that Binance hadn’t modified its platform to meet the new requirements of the Central Bank of Brazil. Capitual reports that it lends its processing services to Huobi and Kucoin, and these other companies have adapted their platforms and are continuing to function normally.
Binance plans to coordinate the integration services offered by Latin Gateway in the near future to normalize the status for direct fiat withdrawals and deposits in Brazil. However, customers have other options of getting funds into and out of the exchange.
