Cryptocurrency exchange Binance has announced a partnership with Brazilian payments platform Latam Gateway to restore deposits in Brazilian reals in the region.
Latam Gateway helps clients monetize their digital business in Latin America through local and instant payments, developing an exclusive technology to increase sales conversion in this region.
On June 17, Binance said, “represented that due to actions that conflicted with its values,” it would be replacing Brazil’s payment partner Capitual and choosing a new payment provider.
Deposits and withdrawals through the Brazilian government’s payment system Pix have since been suspended. With this new partner, Brazilian users currently support deposits on Binance via Pix, and withdrawals will resume shortly.
Since 2020, cryptocurrency investors in Brazil have been using Binance’s P2P system for trading. It is also possible to buy cryptocurrencies directly via Pix and bank transfers.
One of the founders of Capitual has been placed in criminal custody for allegedly helping Glaidson Acácio dos Santos launder money while participating in a cryptocurrency Ponzi scheme.
Therefore Binance will take legal action against Capital. Brazil’s Court of São Paulo (TJSP) has frozen BRL 451.6 million ($84.6 million) in assets from Binance customers from Capital’s accounts.
Last month, Binance launched a new trading platform solution for VIP and Institutional clients to efficiently execute digital assets trades and capture market opportunities more effectively.
Image source: Shutterstock