Binance Selects Latam Gateway as New Payment Provider in Brazil

Global crypto exchange Binance has changed its payment provider in Brazil after suspending transfers to and from the country's Pix instant payment system earlier this month.

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The exchange had been using services from Capitual to provide deposits and withdrawals to users' Pix accounts, but said on June 24 that it will now be working with Brazilian payment provider Latam Gateway going forward. Latam Gateway was founded in 2019.

Binance explained that it would use Latam Gateway's services as it works to acquire Brazilian brokerage Sim;paul.

"With the exchange, Binance will offer a better solution for clients as it conducts the process of acquiring local brokerage Sim;paul, a company authorized by the central bank and the Securities and Exchange Commission (CVM), announced in March,"Binance said.

Binance said the integration process with Latam Gateway would be completed "soon" and that it would let users know when Pix transactions are up and running normally again. However, it did not give a firm date. 

Source: THE BLOCK