Binance is in the process of acquiring Sim;paul, a local brokerage firm that is already authorized by the central bank and the SEC.
Binance announced in a blog post on Friday that it will switch from its existing payments partner in Brazil to give a better solution for customers.
It will replace Capitual with a local payment provider that will be revealed soon, make the transition in the coming weeks, and take steps to ensure that users are not negatively impacted.
Users can make deposits and withdrawals using the platform’s P2P system, and for direct purchases of cryptocurrency, Pix and bank transfers are accessible through an alternate supplier, according to the company. For withdrawals, there is also a “sell to card” option for Visa, and users can contact Binance support or chat if they have any questions.
Nonetheless, Binance had restricted Brazilian real deposits and withdrawals using Pix. Binance stated on the site that deposits via Pix were experiencing difficulty due to a policy change announced by the central bank, without providing any details.
Binance is in the process of purchasing Sim;paul, a local brokerage firm that is already licensed by the central bank and the Securities and Exchange Commission.
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