Binance announces a new payment partner for withdrawals
Binance's announcement of a new payment partne
In order to address the issues it has been having with fiat transactions on its platform in Brazil, Binance, one of the top cryptocurrency exchanges by volumes traded, has announced a new partnership. The exchange said that it has hired Latam Gateway, a firm that processes payments, to replace its previous partner, Banco Capitual.
This is only a temporary move taken by Binance to allow customers to continue using its platforms while the exchange is in the process of buying Simpaul, a business governed by the Brazilian securities regulator.
Binance began experiencing issues with fiat deposits and withdrawals earlier this month when Capitual, its old payments partner, started putting tougher KYC processes in place and changing its infrastructure to meet the needs of the nation's Central Bank.
The payments provider responded to Binance's announcement that it will pursue legal action against Capitual by claiming that Binance had not modified its platform to meet the new specifications imposed by the Central Bank of Brazil. These other businesses did alter their platforms and continued to run regularly, according to reports from Capitual, which also lends its processing services to other exchanges in the region, such as Kucoin and Huobi.
Although direct fiat deposits and withdrawals from the exchange in Brazil are now on hold, consumers can still utilize alternate methods of doing so. Binance expects to coordinate the integration of the services provided by Latin Gateway in the near future.
