Binance is the world’s biggest exchange of cryptocurrency, resume the deposits in various Brazilian reals through system Pix – the government’s payment system. It was possible subsequent to the partnering of the Latam Gateway, the processing company. Hence, as the result, they also resumed some of the deposits in various Brazilian reals through government payment system in two weeks subsequent to suspension of direct withdrawal & deposits.
Suspension of Binance transactions
However, crypto exchange also has suspended some of the direct withdrawal & deposits in Brazil subsequent to the change in payment partner in country. There were some legal steps taken against it.
As per the press release, the company has resumed withdrawals as well as deposits through the Pix as it has quite successfully attained the new partner. Now this kind of the issue also resolved, where exchange platform will be able to resume the operations to be normal. They suggest starting to pay the customers that have been affect by such situation at the earliest.
Stop on the real movements
Binance is also operating using Pix network, some of the local payment network available in Brazil. Apart from this, the company is also using local gateway for operating the deposits as well as withdrawals through Pix. On the other hand, this exchange platform severed the relationship because of the dispute between companies. It has also announce that it will no more use as the Capitual as the service payment provider.
New payments partner
Here to continue providing the withdrawals and deposits in Brazil. Binance use Latam Gateway, that generally uses the bank accounts which usually hosted by BS2, for accessing Pix network. It means that funds of all users were unavailable temporarily. Though, it has also transitioned from a system to other system. Pix is basically the electronic system of money transfer regulate by BC. It allows the users devoid of bank accounts for sending money.