Brazilian Payment Partner Binance Adopts Latam Gateway

According to sources, on June 24, 2022, the cryptocurrency exchange Binance declared Latam Gateway as its new payment service provider in Brazil.

Binance Brazil chooses Latam Gateway

In a significant restructuring of its Brazilian operations, the cryptocurrency exchange Binance has replaced Capitual, its prior fiat payment service provider, with Latam Gateway, a Brazilian payments company founded in 2019.

The exchange reaffirmed that it chose to replace its payment partner in Brazil as part of its ongoing mission to offer its users in the area the finest services while remaining legally and ethically responsible, transparent, and accountable.

Before June 17, Binance used Capitual to process deposits and withdrawals to users’ Pix accounts. However, according to local news outlets, the exchange suspended Pix payments due to a policy by the apex bank that requires Pix providers to implement new know-your-customer (KYC) measures.

Additionally, Binance has disclosed that Latam Gateway would serve as its payment partner while the company’s efforts to purchase Brazilian brokerage firm Simpaul are underway.

While the Latam Gateway integration is in progress, Binance has advised its users to use the peer-to-peer functionality of the exchange for deposits and withdrawals as well as for direct cryptocurrency purchases of Pix and bank transfers, which are available through a different source.

According to the exchange, consumers can withdraw using the convenient “sell to card” option for Visa cards.

Despite the market downturn, Binance is waxing stronger

The Changpeng Zhao-led Binance is growing stronger and scaling to new heights when major crypto exchanges and blockchain initiatives are battling the despair and gloom brought on by this year’s crypto winter.

Binance revealed ambitions to hire a whopping 2,000 employees to fill the company’s open positions in June.

Binance.US has launched zero-fee trading for four bitcoin (BTC) pairings on its spot market to simplify things for its consumers. As a result, customers from the United States will no longer be charged commissions when trading the BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD pairs on the exchange.

Cristiano Ronaldo, a forward for Manchester United, and Binance have come to an NFT deal based on Ronaldo’s work as an illustrator. Ronaldo’s brand-new NFTs, which will take advantage of his millions of followers on all social media platforms, will only be offered on Binance’s platform BinanceNFT.

According to CoinMarketCap, the price of Binance’s native BNB cryptocurrency is currently around $238.46, with market size of $38.94 billion.

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