Binance Ends Free Withdrawals in Brazil, Will Charge R$2.60 Per Transaction

After months of continuation of a free withdrawal promotion, Binance forces the hand on Brazilian citizens.

Flat Fee Coming In

Binance has announced that all transactions from Brazil beginning on September 1 will be charged a transaction fee of R$2.60, or about $0.50. The largest crypto exchange previously allowed free transactions in the South American country. 

The announcement came on August 26th through an official post on the Binance Português-Brasil. The R$2.60 will be a fixed amount for all transactions and keeps the company competitive. The largest competitor in the country, Mercado Bitcoin, charges a R$2.90 flat fee plus 1.99% of the total withdrawal. 

“As the zero withdrawal fee promotion comes to an end, Binance will adjust the withdrawal fees to BRL from 09/01/2021 at 9:00 am (BRT),” states the official Binance Brazil team on their site in Portuguese.

Binance had kept the fees for withdrawals at zero for several months and extended the gratitude a few times. The free fees began before the new year in 2020, and were extended in January, April, and June.. So far, Binance has given no reason for the termination of the offer. 


Smart Regulation

Brasil is one of the Latin American countries that appear to have embraced cryptocurrencies.  There have been talks of the country developing a central bank digital currency (​​CBDC). Binance also supposedly met with the President of the Brazilian Central Bank, Roberto Campos Neto, earlier this month. 

Some follow-up news saw the Campos Neto called for increased regulation towards cryptocurrencies and has pivoted towards another digital payment group called Pix. Pix is involved with OKEx and Tether (USDT). The Central Bank President has always been Campos Neto has been open to the crypto industry and has called not just for more regulation but smart regulation.

“How can we reshape the word ‘regulation?’ Finance will become about data. It will be impossible to regulate financial transactions without understanding the regulation of data,” Campos Neto told a high-level virtual event at the 2021 Latin American Cities Conference-Brasilia, on August 19. 

The Brazilian President was eager to inform the conference of developing talks with his country’s Securities and Exchange Commission for creating better regulatory infrastructure to accommodate cryptocurrency.  The country continues to make headlines with crypto, and the public should expect more regarding their CBDC by the end of the year.

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