The world’s largest cryptocurrency exchange Binance announces that it chooses Latam Gateway as its new payments provider in Brazil.
This collaboration with Latam Gateway is to address the issues it was having with fiat transfers on its platform in Brazil.
Last week, Binance halted withdrawals and deposits in Brazil via the government’s payment system Pix after the New Central Policy. Binance ended its association with the local payment gateway Banco Capitual, which was responsible for Binance’s deposits and withdrawals for almost 2 years.
Capitual responded to Binance’s announcement that it will pursue legal action against it by claiming that Binance had not modified its platform to meet the new Central Bank of Brazil regulations.
Latam Gateway has been in operation since 2019 and was created by executives with prior industry knowledge since 2014. They also founded Boa Compra, another payments processing business.
As Binance is now in the process of acquiring Sim;paul, a business governed by the securities watchdog of Brazil, the partnership with Latam Gateway is a temporary solution taken by Binance to allow its users to use its platforms properly.
To stabilize the position of direct fiat deposits and withdrawals in Brazil, Binance anticipates coordinating the integration of the services offered by Latam Gateway soon.
“Brazil is an extremely relevant market for the company and it will continue to invest and expand services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country,” the announcement notes.
