Binance partners Latam Gateway in Brazil

Tuesday 28 June 2022 13:17 CET | News

Binance has partnered with Latam Gateway amid the suspension of direct fiat deposits and withdrawals in Brazil.

The company would be working to solve the problems it had been facing with fiat movements on its platform in Brazil. Latam Gateway, a payments processing company, will substitute its earlier partner, Banco Capitual.

For Binance, this is a temporary measure to let its users use its platforms normally, as the exchange is currently in the process of acquiring Sim;paul, a company regulated by the securities watchdog of Brazil.

Binance started having problems with fiat deposits and withdrawals earlier in June 2022, when Capitual, its former payments partner, started implementing stronger KYC measures, adapting its platform to comply with the requirements of the Central Bank of the country.

While Binance announced that it would be exerting legal actions against Capitual, the payments company rebutted stating that Binance had not adapted its platform to deal with the new requirements coming from the Central Bank of Brazil. According to reports from Capitual, which also lends its processing services to other exchanges in the area, like Kucoin and Huobi, these other companies did adapt their platforms and continue to operate normally.

Binance hopes to coordinate the integration of the services offered by Latin Gateway soon to normalize the status of direct fiat deposits and withdrawals in Brazil, which are still paused now, though customers can still use alternative ways of getting funds in and out of the exchange.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, KYC, payment processing, regulation
Categories: Banking & Fintech
Companies: Binance, Latam Gateway
Countries: Brazil
This article is part of category

Banking & Fintech



Latam Gateway

Discover all the Company news on Binance and other articles related to Binance in The Paypers News, Reports, and insights on the payments and fintech industry: