HomeEntertainmentBinance Suspends Transactions In Brazil Blaming Central Bank Policy: Latest Updates!!!

Binance Suspends Transactions In Brazil Blaming Central Bank Policy: Latest Updates!!!

HIGHLIGHTS:

  • Binance has halted business with Pix and Capitual platforms.
  • Binance has not stated which BC policies are affecting operations.
  • Brazil may soon enact crypto legislation.

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INTRODUCTION:

Binance Updates: The Binance cryptocurrency exchange has decided to stop accepting withdrawals and deposits in the Brazilian currency of Reals. Binance has also discontinued its collaboration with the Brazilian government’s Pix payment system at this time. Binance has also suspended its contract with the local payment gateway Capitual, which had been in place for a year and eight months.

Binance’s deposits and withdrawals were handled by this platform via Pix. Binance stated in a blog post that the Central Bank of Brazil’s financial regulations have caused uncertainty in facilitating transactions (BC).”Binanc’e today announced that it will leave its current payments partner in Brazil to provide a better solution for clients while driving the acquisition process,” the business said in a blog post.Binance has not specified which policies are affecting its working methods as of yet.

Binance

The suspension of Binance’s service comes as a result of Pix providers’ failure to comply with new Know Your Customer (KYC) criteria imposed by the Brazilian financial regulators.The cryptocurrency exchange is currently deciding which alternative local payment gateway would take the place of Capitual in Brazil.”Binance will replace Capitual with a local payment provider with substantial experience, which will be announced shortly,” according to the blog post.The company, run by crypto billionaire Chengpeng Zhao, has promised its Brazilian users a smooth transition.The Brazilian Senate enacted the country’s first bill regulating cryptocurrencies in April. This initiative, which seeks to bring the digital assets sector under Brazilian law, is currently just two steps away from becoming law.Brazil is focusing on setting appropriate fines and penalties for individuals who utilise cryptocurrencies for illegal operations such as money laundering, fraud, and other white-collar crimes as part of its crypto laws.Nubank, Brazil’s largest digital bank by market capitalization, began selling and buying Bitcoin and Ether on its platform in May.According to Triple-A, a blockchain research group, roughly 10 million Brazilians will own cryptocurrencies by 2021.

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