Binance suspends withdrawals in reais and ends partnership with Pix operator

Binance announced this Friday afternoon (17) the end of a one-year and eight-month partnership with Capitual, a fintech that operated deposits and withdrawals in reais via Pix for cryptocurrency exchange customers.

The measure comes amid the blocking of withdrawals and deposits in Brazilian currency on the exchange. In tests conducted by InfoMoney CoinDesk at 5:58 pm, the functionality remained unavailable on the platform, and displayed the message “channel under maintenance”.

According to user reports, the company’s support states that “deposits via Pix and TED are experiencing instability due to the update of policies introduced by BACEN – Central Bank of Brazil”.

In a note, Binance does not mention the alleged policy change by the Central Bank, but the blocking of the service coincides with the deadline imposed by the BC for Pix providers to implement new customer identification rules. This week, the exchange KuCoin, which also works with Capitual, announced a change in the KYC (Know Your Customer) process.

In the press release, Binance confines itself to saying that the partner exchange will “guarantee customer withdrawals” as the company takes legal action against Capitual and conducts the acquisition of local exchange Sim;paul, announced in March.

Through customer service, Binance informs that it can take up to 72 hours for withdrawals and deposits via Pix to settle – methods such as TED and DOC are not available. However, the company says it will transition to a new partner “with extensive experience” only “in the next few weeks”. The provider name has not yet been announced.

The exchange claims that users can obtain withdrawals through the P2P system, which implies trading with another person, who in turn must deposit the amount in reais into the bank account.

Also according to the statement, users can still make withdrawals in the “sell to card” option available for Visa cards, but the feature also does not appear accessible to users.

The report contacted a representative from Capitual for a request for comment, but received no response as of press time. Sought for clarification on the operation of withdrawals and deposits, Binance informed, via advisory, that the client should look for the alternative channels provided by the platform – such as P2P.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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