Binance now has a new partner to process its payments. This is in the midst of the suspension placed on depositing and withdrawing fiat money in Brazil. Binance announced that it will start working with LatAm Gateway.
Latam Gateway has been running as a payment intermediate since 2019. Binance went ahead to clarify that it is working to resolve issues with the deposits and withdrawals.
The Binance-LatAm Gateway Partnership
As one of the world’s leading crypto exchanges, Binance made a new partnership. It looks to resolve problems it faces with moving fiat on its platform in Brazil. The crypto exchange released a statement mentioning its enlisting of Latam Gateway’s services.
LatAm Gateway will be a substitute for Binance’s initial partner, Banco Capitual. Binance has one of the highest trading volumes of crypto on its platform.
Binance said via the blog that Latam has a long history in the payment industry. Latam Gateway was founded in 2019 and has been processing payments since then. The founders of Latam Gateway also founded Boa Compra, another payment processing firm.
Concerning Brazil’s importance for the exchange platform, Binance says the country is extremely relevant. It says Brazil offers a huge opportunity and it will keep investing and expanding there. Binance says it will keep contributing to the growth of the crypto and blockchain ecosystem in Brazil.
The partnership with Latam is a temporary move to enable the usage of its service. The exchange plans to acquire “Sim:paul,” which is regulated by Brazilian authorities.
Binance’s problems with depositing and withdrawing fiat began just this month. Banco Capitual, its erstwhile payment partner began implementing firmer KYCs. Banco Capitual was adapting to the requirements of the Brazilian central bank.
Binance consequently announced that it would be taking legal action against its partner. Banco Capitual, on the other hand, said Binance was not adapted to central bank regulations.
Banco Capitual lends its payment services to other crypto exchanges such as Huobi and Kucoin. The payment firm said other exchanges that comply with regulations still operate as usual.
Binance is working to effectively coordinate the services offered by LatAm Gateway. It hopes to normalize the status of its deposits and withdrawals in the country soon. Although there are alternative ways for users to get funds on and off the exchange as of now.
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