Binance files for Brazilian crypto license before Friday deadline

Binance submits license application to Brazil’s central bank

Binance has applied for a cryptocurrency service provider license in Brazil. The exchange wants to keep operating in one of Latin America’s biggest crypto markets before a regulatory deadline set for Friday, Oct. 30.

Binance filed the application on Friday, Oct. 23, through its local Brazilian entity called BBrasil. The company said the filing reached Brazil’s central bank.

The exchange is already changing its services for Brazilian users. Starting Tuesday, it is cutting crypto lending, margin trading and other services. It is also removing 22 crypto assets available to users in the country.

What Binance says it wants to keep offering

Binance said the license would let Brazilian users keep accessing crypto assets, stablecoin trading, payments and investment services. A stablecoin is a digital currency tied to the value of a real asset like the U.S. dollar.

Thiago Sarandy, Binance’s general manager in Brazil, said the company supports a regulated market for virtual assets. “We hope that the ongoing dialogue with the Central Bank will allow us to offer, in the near future, other products that were discontinued to comply with current regulations.”

What the Brazilian rule requires

Under Brazil’s current rules, existing crypto service providers must submit authorization applications by Oct. 30 to keep operating under transitional arrangements. Filing an application does not mean the regulator has approved it.

What remains unclear

It is not confirmed whether the central bank has accepted the application or when a decision will be made. Binance has also not named which 22 assets are being removed.

Why this matters for Brazilian users

If the license is granted, Binance could continue operating normally in Brazil. If not, the platform may be forced to limit or stop services, as it has already begun doing.

What Binance has announced

Service changes take effect Tuesday. They include restrictions on crypto lending and margin trading, plus the delisting of 22 crypto assets for Brazilian users.

Sources

• Cointelegraph