Binance ends partnership with Capitual due to problems with Real withdrawals in Brazil

Binance announced this Friday, the 16th, that it will change its current payments partner in Brazil to offer a better solution for customers. The announcement occurs after several Exchange customers have reported problems withdrawing reais from their Binance accounts.

The problems with the looting started on Thursday night, 15th and followed by Friday morning, 16th. However, this is not the first time that the Binance/Capital integration has had problems.

Due to the flaws, Binance has stated that it will replace Capitual with a local payment provider with extensive experience, which will be announced shortly. Along with the process company conducts the acquisition of local brokerage Sim;paul, authorized by the Central Bank and the Securities and Exchange Commission (CVM).

The exchange highlights that it will promote a smooth transition in the coming weeks and that it is taking all necessary measures, i.e.including legal related to Capitual, to ensure that users are not adversely affected by the change.

At the moment, according to Binance, PIX withdrawals have already resumed, as well as all fiat transactions on Binance’s P2P system. For direct purchase of cryptocurrencies, the Binance reported that it has a Pix key and bank transfers available through an alternate provider.

for withdrawals, there is a “sell to card” option available for Visa, a new feature at zero cost. Binance also reinforced that Brazil is an extremely relevant market for the company and that it will continue to invest and expand services in the country.

Position of the Capital

In a note sent to Cointelegraph, Capitual said that the services provided to the international exchanges with which it has a partnership are working normally and that it had to comply with a determination by the Central Bank regarding cryptocurrency exchanges.

“Following a determination by the Central Bank, Capitual has worked in the last 45 days on an adaptation of its technological platform to reinforce controls and greater security in operations involving cryptocurrencies. This adaptation came into effect on the 16/6th”, he said.

According to Capitual, the exchanges KuCoin and Huobi, which also use the Bank’s services, have adapted their systems to the changes that have taken place on the Capitual platform and the services provided to its users in transactions with reais happen regularly. In the case of Binance, Capitual awaits information on this suitability.

“Capitual guides its performance by complying with legislation and requests from regulatory bodies and is committed to measures to combat money laundering and financing of illicit activities in the cryptocurrency market. In this way, it understands that the requirements of regulatory bodies, such as the Central Bank, are mandatory for its operation and that of its commercial partners”, concludes the note

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