Binance accuses its Brazilian payment partner of violating “its values”

abdelaziz Fathi

A Binance spokesperson confirmed today that the world’s largest crypto hub will cut ties with its existing payments partner in Brazil due to conflict with “Binance’s values.”


The crypto giant is already in the process of replacing Capitual with a local payment provider that will be revealed soon to give a better solution for customers. The transition is expected to complete in the coming weeks. Binance suspended deposits and withdrawals in Brazilian reals through the government’s payment system Pix on Friday.

“Binance can confirm that Capitual no longer provides payment services to their users due to actions taken by Capitual that conflict with Binance’s values. Binance will announce a new Brazilian partner in the coming days. With the change, Binance will offer a better solution for clients while in the process of acquiring the local brokerage Sim;paul, authorized by the Central Bank and the Securities and Exchange Commission (CVM),” a Binance rep said in an email statement to FinanceFeeds .

Further elaborating on the issue, he added “It is critical to note that Binance’s world renowned investigations team coordinates with local authorities on a regular basis. This includes work with Federal Police to bring Glaidson Acácio dos Santos to justice in 2021 by freezing his accounts and identifying potentially illicit revenue streams on multiple platforms across the globe.”

Of note, the payments blockage coincided with the end of a deadline imposed by the Brazilain central bank for Pix providers to implement new “know your customer” requirements.

To ensure its users are not negatively impacted, Binance said they can make deposits and withdrawals using the platform’s P2P system. As for direct purchases of cryptocurrency, Pix and bank transfers are accessible through an alternate supplier. For withdrawals, there is also a “sell to card” option for Visa, and users can contact Binance support or chat if they have any questions.

Binance was also reportedly planning to buy banks and payments processors in Brazil as a way into the market. It has already signed a memorandum of understanding to potentially acquire Brazilian securities brokerage firm, Sim;paul Investimentos. However, the takeover requires Binance to get approval from both the Securities and Exchange Commission of Brazil (CVM) and the Central Bank of Brazil.


Read this next

Retail FX

DefiniteArea Review – Is This Broker Any Good?

Read our DefiniteArea review today to learn all you need to know about DefiniteArea before signing up with the broker (

Industry News

Playtech to close Finalto sale to Gopher in two weeks

Playtech, the London-listed gambling software developer, today said it expects to close the divesting of its financial trading division Finalto by mid July 2022.

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.