For months, Binance has been allowing free withdrawals in Brazil for the purpose of promotions. However, it is likely to be discontinued soon. It was announced that Brazilians will now have to pay a certain amount per transaction.
As per reports, from September 1, 2021, Binance will withdraw the cost-free transactions clause and apply charges. It is estimated that charges per transaction would be R$2.60 or an equivalent amount of $0.50. Binance is presently the largest crypto exchange in the world. Binance reviews have always been outstanding and will likely remain the same in the future. Apart from Brazil, the rest of South America enjoyed the benefit of cost-free transactions.
Binance announced the same on August 26, 2021, through an official post on Portugues-Brasil. R$2.60 is likely to be the fixed amount for all transactions. This will keep the competition alive for other companies. The biggest of Binance’s competitors is Mercado Bitcoin. It charges R$2.90 flat and an additional 1.99% of the total withdrawal.
According to the official announcement, the zero withdrawal fees offer will be suspended soon. Binance is planning to adjust its withdrawal fees to BRL w.e.f September 01, 2021, at 9:00 am (BRT).
Being the largest platform in the domain, Binance has kept the zero withdrawal clause active for more than anticipated time. It also was surprising to hear of the gracious time-to-time extensions. Reportedly, the offer came into effect before the end of 2019. It was extended in Jan, Apr, and June respectively to keep the trust of the users intact. Binance has made no official announcement as far as the reason behind the termination is concerned.