November 30, 2023
Binance suspends riyal withdrawals and ends partnership with Pix operator

Binance suspends riyal withdrawals and ends partnership with Pix operator

On Friday afternoon (17) Binance announced the end of a one-year, eight-month partnership with Capitual, a fintech company that operates Pix riyal deposits and withdrawals for cryptocurrency exchange clients.

The measure comes amid a ban on withdrawals and deposits in the Brazilian currency on the exchange. In his tests InfoMoney CoinDesk At 5:58 PM, the function remained unavailable on the platform, and the message “Channel under maintenance” was displayed.

According to user reports, the company’s support states that “deposits via Pix and TED are experiencing instability due to the policy update introduced by BACEN – the Central Bank of Brazil.”

In a note, Binance did not mention the alleged policy change by the central bank, but the ban on the service coincides with the deadline BC has imposed for Pix providers to implement the new customer identification rules. This week, the KuCoin exchange, which also works with Capitual, announced a change to the KYC (know your customer) process.

In the press release, Binance was limited to saying that the partner exchange will “ensure customer withdrawals” while the company takes legal action against Capitual and conducts the acquisition of local exchange Sim; paul, announced in March.

Through its customer service, Binance reports that it can take up to 72 hours for deposits and withdrawals via Pix to settle – methods such as TED and DOC are not available. However, the company says it will move to a new partner “with extensive experience” only “in the next few weeks”. The name of the provider is not announced.

The exchange claims that users can get withdrawals through a P2P system, which means trading with another person, who, in turn, must deposit the amount in riyals into the bank account.

Also, according to the statement, users can still make withdrawals in the “sell by card” option available for Visa cards, but the feature doesn’t appear to be available to users either.

The report contacted a representative from Capitual to request comment, but had not received a response at the time this report was published. Seeking clarification on the withdrawal and deposit process, Binance informed, via advisory, that customers should look for alternative channels offered by the platform – such as P2P.

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