Capitual clarifies partnership with exchanges and says it awaits suitability from Binance

Last week, Binance reported that it had paused operations for customers in Brazil due to problems with its withdrawal and deposit partner, Banco Capitual.

Binance said it is switching partners to offer a better solution for its customers in the country.

At the same time, he said he was proceeding with the purchase of the brokerage Sim;paul. As CriptoFácil reported in April this year, Binance is buying Sim;paul, authorized by the Central Bank (BC) and the Securities and Exchange Commission (CVM) to operate in the country.

“Binance will replace Capitual with a local payment provider with extensive experience, to be announced soon,” it said in a note.

What does the capital say?

Now, the Capitual also issued a note on the case. According to the text, the services that are provided by the bank to the international exchanges with which it has a partnership are working on a regular basis.

However, with regard to Binance, the bank said it awaits the exchange’s adjustments. This is because, according to Capitual, the BC issued a new determination demanding greater control of operations with digital assets:

“Following a determination by the BC, Capitual has worked in the last 45 days on an adaptation of its platform to strengthen controls and greater security in operations involving cryptocurrencies. This adequacy came into force on the 16/6th,” the bank said in a note.

KuCoin and Huobi are ok

Also according to the bank, its partners, KuCoin and Huobi, have already adapted to the changes. In this way, services in reais are already taking place on a regular basis.

But in the case of Binance, Capitual says it awaits information on suitability.

“Capitual bases its activities on compliance with legislation and requests from regulatory bodies and is committed to measures to combat money laundering and the financing of illicit activities in the cryptocurrency market. In this way, it understands that the requirements of regulatory bodies, such as the BC, are mandatory for its operation and that of its business partners,” said the bank.

Meanwhile, Binance said it will promote a “smooth transition in the coming weeks”. In addition, she said that she is taking all necessary measures, such as legal actions related to the Capitual. The idea is to ensure that users are not negatively affected.

Deposits are still unavailable

At the time of writing, deposits on Binance are still “temporarily closed for maintenance”.

The exchange also informed that, for deposits and withdrawals, it is possible to make transactions via P2P. In addition, for the direct purchase of assets, there is Pix and bank transfers through an alternative provider.

As for withdrawals, there is the “sell to card” option available for the Visa card, a new feature at zero cost.

Finally, Binance reinforced that Brazil is a “relevant market for the company”. Therefore, it said that it will continue to invest and expand its services in the country.

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