Binance said it will switch its Brazil payments partner for a better client solution

Binance said in a blog post on Friday that it would move from its existing payments partner in Brazil to offer a better option for clients.

It will replace Capitual with a soon-to-be-announced local payment provider, complete the transfer in the coming weeks, and take precautions to ensure that users are not negatively impacted.

For deposits and withdrawals, customers may use Binance’s P2P system, and for direct purchases of cryptocurrency, an alternate service offers Pix and bank transfers. For withdrawals, there is also a “sell to card” option for Visa, and if users have any questions, they may contact Binance support or chat.

Nonetheless, CoinDesk confirmed recently that Binance has halted Brazilian real transfers and withdrawals using Pix. According to the article, Binance said on its site that Pix deposits were unstable as a result of a central bank policy shift, but provided no other information.

Binance is in the process of purchasing Sim;paul, a local brokerage firm approved by the central bank and the Securities and Exchange Commission.

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