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Binance stops withdrawals and says it has problems with banks

Binance fiat withdrawal has been disabled for Brazilians

Binance this Friday (17) stopped withdrawals and deposits in Real for customers in Brazil, pointing out that transfers are under maintenance. Through Reclame Aqui, clients rushed to report the situation experienced at the brokerage. In recent months, binance was responsible for gathering the largest volumes of trades between Brazilians, stating that it has the largest volume in all of Latin America in Brazil. In addition, the broker’s CEO was recently in the country seeking to consolidate expansion in the country, and even spoke to the president of the Central Bank of Brazil, Roberto Campos Neto.

Binance stops withdrawals in Real

The exchange Binance blocked withdrawals and deposits in Real for its customers this Friday, a serious problem that affects those who trade cryptocurrencies and needed this feature enabled. According to the livecoinswhen trying to withdraw from the platform, users receive a message that the service is undergoing maintenance.
Binance fiat withdrawal has been disabled for Brazilians. Livecoins Crypto Market Data shows that Binance is the exchange with the most Bitcoin trades in the last 24 hours, on the Real pair. In all, 750.99 BTC passed through the platform, which holds 48% of the volume in Brazil in the period. Last Monday (13), Binance had already stopped Bitcoin withdrawals around the world, amid the widespread market crash, which led several customers to criticize the platform.

What does Binance say about the case?

Per Reclame Aqui, Binance support only said that the fiat channel is under maintenance and that transfers are temporarily suspended. “Unfortunately today our fiat currency channel is under maintenance and because of that bank transfers are temporarily suspended. But don’t worry, you can still use the P2P channel to withdraw reais (BRL) or make crypto withdrawals at any time. To use the P2P platform, use the link below: https://p2p.binance.com/pt-BR“. wanted by livecoins, Binance commented that there is an ongoing change in the partnership with Capitual. “Binance, the largest global infrastructure provider for the blockchain ecosystem and cryptocurrencies, today announced that it will switch from its current payments partner in Brazil to offer a better solution for customers, while conducting the process of acquiring local brokerage Sim;paul, authorized by the Central Bank and the Securities and Exchange Commission (CVM). Binance will replace Capitual with a local payment provider with extensive experience, to be announced soon.
The exchange points out that it will promote a smooth transition in the coming weeks and that it is taking all necessary steps, including legal related to Capitual, to ensure that users are not adversely affected by the change.
For deposits and withdrawals, users can also transact via Binance’s P2P system (more information here). For direct purchase of cryptocurrencies, Binance has Pix and bank transfers available through an alternative provider. For withdrawals, there is a “sell to card” option available for Visa, a new zero-cost feature. If in doubt, users can access Binance support on this page or via official chat.
Binance also reinforces that Brazil is an extremely relevant market for the company and that it will continue to invest and expand services in the country.

Credit card negotiations also presenting problems with banks

A Binance user also made a public complaint about his card being denied by the exchange. When looking for its bank to solve the problem, the institution declared that on its side it had no impediment to performing the service, and the customer should seek the brokerage. However, by support, he was only informed that his card was not allowed, leading the customer to complain. In response, the broker confirmed that it was having problems with some banks, without making it clear which ones. “We are sorry that you had this experience and any inconvenience you may have suffered. We have verified that card transactions between Binance.com and some banks are failing. We fully understand how frustrating this can be and apologize for the inconvenience, as there are currently no solutions for this issue.” It is still unclear how much this issue affects customers, as in recent months Binance has listed several new credit card buying cryptocurrency pairs in Brazil.

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