Seems to me the pin needs to be above some element of the frame to do any work. I don't see any signs of wear to say it's in the lower half, and it doesn't seem long enough to fit above the upper half. The fixed element wants to be trapped between the hand wheel and the pin.Maybe a roll pin or bolt in the shaft just above the handwheel.
After looking at pictures on the forum it’s definitely an ARCADE bandsaw; just no ID anywhere on it.Got a picture that shows more … ?