Binance announced this Thursday (26) on its website that it will adjust to R$ 2.60 the fee for withdrawals in real, regardless of the amount. The measure takes effect from 9 am on the next Wednesday (1st).
Until then, the brokerage did not charge anything for the withdrawal, which drew the attention of investors in the country and helped the company become the leader of the Brazilian market.
Despite the increase, the amount is still low when compared to other exchanges, as the broker does not charge a percentage on top of the total withdrawal amount, but only the fixed rate.
Withdrawal fees from other brokers:
- Foxbit – BRL 1.89 + 1.39%
- Bitcoin Market – BRL 2.90 + 1.99%
- BitcoinTrade – R$4.90
- BitPrice – R$4.90 +0.20%
- FTX – BRL 10 + 0.3%
- NovaDAX – BRL 8.90 + 0.5%
Binance and adjustments in Brazil
Binance managed to grab a large piece of the local market not only because of the low rates and the greater offer of cryptocurrencies and liquidity, but because it has no fixed headquarters and offers services that nationals cannot offer because of the legislation. Small national brokerages felt the impact of the giant’s arrival.
Due to the business model, the exchange faced problems with the Brazilian Securities Commission (CVM), the Federal Public Ministry of São Paulo (MPF-SP) and the Federal Police (PF) for allegedly offering securities intermediation services without authorization from the regulator.
The company has been trying to make adjustments to comply with Brazilian law. Last week, for example, Binance stopped offering bitcoin derivatives on the Portuguese version of its platform.