Binance Restarts Local Currency Deposits Using the Brazilian Payment System Pix

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Binance Restarts Local Currency Deposits Using the Brazilian Payment System Pix

Binance Restarts Local Currency Deposits Using the Brazilian Payment System Pix
Brazilian flag. (Mateus Campos Felipe/Unsplash)
Source: CoinDesk
1657105232 06 Jul / 11:00

Tuesday, the global cryptocurrency exchange Binance started deposits in Brazilian reals using the government's payment system Pix.

Withdrawals of Brazilian reals via Pix remain stopped and are expected to resume "shortly," according to a statement from Binance to CoinDesk.

The business ceased deposits and withdrawals through Pix on June 17 after terminating its cooperation with local payment gateway Capitual, which has run Binance's deposits and withdrawals through Pix since 2020.

Binance has replaced Capitual with the Brazilian payments platform Latam Gateway, which utilizes bank accounts managed by BS2, a bank authorized by the Central Bank of Brazil (BC) to access the Pix network.

Binance claimed it would pursue legal action against Capitual upon severing ties without revealing any specifics. Capitual stated it would sue Binance for failing to comply with a British Columbia rule requiring the exchange to separate user accounts.

Folha de S.Paulo, a company in which one of Capitual’s founders was a partner, allegedly helped launder money for Glaidson Acácio dos Santos, also known as the “Bitcoin Pharaoh” in Brazil. Acácio dos Santos is currently under arrest for allegedly leading a criminal organization that promoted cryptocurrency Ponzi schemes.

The local daily Valor Econômico reported on Sunday that the So Paulo Court of Justice (TJSP) froze 451.6 million Brazilian reais ($84.6 million) belonging to Binance clients in Capitual’s accounts.

Binance stated that Capitual’s “activities are inconsistent with its ideals” and that it “has taken all necessary and relevant measures in respect to Capitual to protect users and their resources and to guarantee that they are not negatively impacted by the change” of the payment provider.

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