Brazilian XDEX Crypto Exchange Disables Bitcoin Sending from Personal Wallets

Brazil’s XDEX Crypto Exchange Doesn’t Let Users Send BTC To And From Their Personal Wallets

The cryptocurrency exchange launched by Brazil’s biggest investment firm, XP Investimentos, was launched in September 2018. Now, their website has made a few announcements including that users won’t be able to send BTC to and from their personal wallets.

Right at the top of the site is the promise of zero rate trading. Further down, however, it is specified in fine print that the exemption refers only to “brokering resulting from the purchase and sale of bitcoins”. Negotiations with other digital assets such as Ethereum will not be covered by the benefit. In addition, “other fees, such as the redemption rate in reais, may be charged to users.”

While it is already possible to pre-register, there is no indication as to when the brokerage will start operating. The XDEX page says that “the user will have to submit, in a timely manner, the registration procedure for opening the account on the platform.”

The feature is interesting as earlier this year Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (CADE), launched an investigation into whether the country’s banks were purposefully harming crypto exchanges by restricting their operations.

Under the broker's terms of use, it will not be possible to transfer the bitcoin purchased on the platform to an individual portfolio. The official text says:

“Deposits, redemptions and/or transfers of digital assets / crypto-coins from and to a virtual wallet (E-wallet) through the XDEX platform are not permitted. The deposits/redemptions and/or transfers will be made only in reais, and the sale of the digital asset will be mandatory for the redemption in reais. “

Earlier this year it was revealed that XP Investimentos was launching its cryptocurrency exchange. As available data showed it registered a company called XDEX INTERMEDIACAO LTDA, whose registered capital was $7.3 million.

However, it does not seem like everyone is on board. In fact, CEO Guilherme Benchimol said,

“I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.”

He added:

“Today there are three million Brazilians who have exposure to bitcoin in Brazil and 500,000 people who invest in stocks. Look at the discrepancy. We felt obliged to move forward in this market.”

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