Binance Announces New Payments Partner Amid Fiat Deposit and Withdrawal Suspension in Brazil

With Fiat’s direct deposit and withdrawal suspended in Brazil, Binance has chosen a new payment partner. The company announced that it will now work withLatamto work with payment processing company Gateway, which has been in the payment brokerage business since 2019. Binance reported that it will soon work to normalize the situation of fiat deposits and withdrawals.

Binance partners with LATAM Gateway for payment processing

Binance, one of the leading cryptocurrency exchanges by trading volume, has announced a new partnership to solve the problems it was facing in moving fiat on its Brazilian platform. The exchange said it has registered the services of payment processing company Latam Gateway, replacing its previous partner Banco Capitual.

In a blog post, the Exchange informed that Latam Gateway is a Brazilian payment processing company starting in 2019, founded by executives with experience in this field since 2014, and they also founded another payment processing company, Boa Compra.

Regarding the importance of the country for the exchange, Binance stated.

Brazil is an extremely relevant market for the company, and it said it will continue to invest in the country, expanding its services for local users and contributing to the development of the country’s blockchain and crypto ecosystem.

For Binance, this is a temporary measure to allow users to use the platform normally, as it is currently acquiring Sim;paul, a company regulated by Brazil’s Securities Regulatory Agency.

Previous Issues

Binance began having problems with Fiat deposits and withdrawals earlier this month, as its former payment partner Capitual began implementing stronger KYC measures and adapting its platform to comply with the country’s central bank requirements Binance has been a major player in the KYC market for some time now.

Binance announced that it would take legal action against Capitual, but the payment company countered that Binance had not adapted its platform to comply with the new requirements from Brazil’s central bank. Reports from Capitual, which also lends processing services to other exchanges in the region, including Kucoin and Huobi, indicate that these other companies have adapted their platforms and continue to operate as normal.

Binance hopes to soon adjust the integration of services offered by the Latin Gateway to normalize the status of direct fiat deposits and withdrawals in Brazil, which is still suspended at the moment, although customers can still use alternative ways to transfer funds in and out of the exchange We are.

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