KuCoin Becomes the First Crypto Exchange to Support BRL Deposits and Withdrawals

Fazzaco learned that the crypto exchange KuCoin has become the first exchange to support Brazilian Real (BRL) deposits and withdrawals through a collaboration with the local payment gateway Capitual.

This partnership will enable the investors in Brazil to transfer in and out BRL via PIX, the payment system backed by the local government.

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Johnny Lyu, CEO of KuCoin, said: “As crypto is going to the mainstream, fiat to crypto service remains the biggest barrier to onboard more adopters. We are proud to be the first exchange to comply with the new PIX regulations and support our Brazilian users to deposit and withdraw BRL normally. We will soon launch more features like fiat trading pairs to help South American investors trade crypto in an easy and compliant way.”

Last Friday, Binance has halted deposits and withdrawals in BRL​ through PIX on Friday, elaborating on its platform that deposits via PIX were experiencing instability due to a policy change made by the Central Bank of Brazil. Also, the crypto giant has terminated a partnership with Capitual, which operated Binance's deposits and withdrawals via PIX for a year and eight months.