KuCoin Becomes the First Crypto Exchange to Support BRL Transfers via PIX after New Central Bank Policy (Graphic: Business Wire)
VICTORIA, Seychelles--(BUSINESS WIRE)--The global cryptocurrency exchange KuCoin today announced that it has become the first major exchange to support Brazilian Real (BRL) deposits and withdrawals following a recent policy change made by the Central Bank of Brazil.
To ensure fiat to crypto transactions are secure and comply with regulations, the Central Bank of Brazil has imposed a deadline to update users’ identity verification process to use BRL payment services. Exchanges that failed to meet the new KYC (Know Your Customer) requirement will have to terminate BRL transaction services for Brazilian users.
Through the partnership with the local payment gateway Capitual, KuCoin managed to become the first global crypto platform that allows the local investors to transfer in and out BRL via PIX, the payment system backed by the government.
Johnny Lyu, the...
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