Binance chose a new payment partner in the wake of Brazil’s suspension of fiat withdrawals and deposits. According to the company, it would now be working with Latam Gateway is a payments processor company, which has been operating in payments intermediation since 2019. Binance said it was working quickly to restore the fiat withdrawals and deposits.
Binance Partners and Latam Gateway for Payments Processing
Binance, the largest cryptocurrency exchange by volume, announced a new partnership in order to resolve the issues that it faced with Brazilian fiat transactions on its platform. It stated that Latam Gateway was selected to replace Banco Capitual as its payment processing partner.
Latam Gateway, a payment processing company in Brazil, was announced by the exchange in a blog posting. It was established in Brazil in 2019, and is managed by executive with extensive experience in this field, who have also started Boa Compra (another payments processing company).
Binance spoke out about the significance of the country to the exchange:
Brazil represents a very important market for the company. It will continue to expand its services to local customers and contribute to the growth of the crypto and blockchain ecosystems in Brazil.
Binance has temporarily suspended this measure in order to allow its users to use the platforms as normal. The exchange is currently acquiring Sim;paul from the Securities Watchdog of Brazil.
Earlier Woes
Binance experienced problems with withdrawals from and fiat deposits earlier this month. Capitual became its ex-payments partner and started strengthening KYC. The platform was then modified to meet the needs of the Central Bank of Nigeria.
Binance stated that Capitual would file legal action against it, but the payments firm retorted that Binance hadn’t modified its platform in order to meet the requirements of the Central Bank of Brazil. Capitual reports that it lends processing services to several exchanges around the region, including Kucoin, Huobi and Huobi. These other companies have apparently made changes to their platforms and are continuing to function normally, according to Capitual.
Binance is hoping to co-ordinate the integration of Latin Gateway’s services in the near future to normalize direct fiat deposits to Brazil and withdraws from Brazil. However, customers have other options for getting money into the exchange.
How do you feel about Binance’s new payment partner in Brazil? Please leave your comments below.
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