Binance has selected a new payment partner amid the suspension of direct fiat currency deposits and withdrawals in Brazil. The company said it will now work with Latam Gateway, a payment processing company that has been brokering payments since 2019. Binance said it will work to normalize fiat deposits and withdrawals in the near future.
Binance is partnering with Latam Gateway to process payments
Binance, one of the leading cryptocurrency exchanges by trading volume, announced a new partnership to address the problems it has encountered in moving fiat on its platform in Brazil. The exchange said it used the services of Latam Gateway, a payment processing company that will replace its previous partner Banco Capitual.
In a blog post, the exchange said Latam Gateway has been a payment processing company in Brazil since 2019, founded by executives with experience in the field since 2014, when they also founded Boa Compra, another payment processing company.
For Binance, this is a temporary measure to allow users to use their platforms normally, as the exchange is currently in the process of acquiring Sim;paul, a company regulated by the Brazilian securities regulator.
Binance began having problems with deposits and withdrawals earlier this month when Capitual, its former payments partner, began implementing stricter KYC measures, adapting its platform to comply with the country’s central bank.
While Binance announced that it would file lawsuits against Capitual, the payments company denied this, saying that Binance had not adapted its platform to meet the new requirements coming from the Brazilian Central Bank. According to reports from Capitual, which also provides its processing services to other exchanges in the area, such as Kucoin and Huobi, these other companies have adapted their platforms and continue to operate as normal.
Binance hopes to soon coordinate the integration of services offered by Latin Gateway to normalize the status of direct fiat deposits and withdrawals in Brazil, which are currently still suspended, although customers can still use alternative ways to deposit and withdraw funds. exchange.