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Binance files for Brazil crypto license ahead of Friday deadline
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- DeepHorus
Binance has applied for a cryptocurrency service provider license in Brazil. The exchange submitted its application to the Central Bank of Brazil on Friday, Oct. 23, through its local entity, BBrasil. The move precedes a regulatory deadline on Friday, Oct. 30, requiring existing providers to file for authorization to continue operating under transitional arrangements.
The application aims to let Brazilian users continue accessing crypto assets, stablecoin trading, payments and investment services. Binance also announced changes effective Tuesday, including restrictions on crypto lending, margin trading and other services. The exchange is delisting 22 crypto assets for Brazilian users.
Brazil is one of Latin America’s largest crypto markets, making the license crucial for Binance to maintain its presence. Filing does not constitute approval, but it allows the exchange to operate during the review period. The central bank will review the application in the coming months.
“We support a regulated market that considers the characteristics of virtual assets, so that access to technology and innovation continues to advance,” said Thiago Sarandy, Binance’s general manager in Brazil. He added that the company hopes ongoing dialogue with the Central Bank will allow it to offer other products in the near future. Those products were discontinued to comply with regulations.
The deadline of Oct. 30 applies to all existing crypto service providers in Brazil. Binance’s filing reflects a broader trend of crypto exchanges seeking regulatory clarity in key markets. Other exchanges may follow suit.
The delisting of 22 assets and service restrictions are temporary measures to align with current regulations. Binance said it remains committed to working with Brazilian authorities. The exchange did not specify the delisted assets.
The outcome of the application will determine Binance’s ability to offer a full range of services in Brazil. The exchange hopes to restore some services through continued discussions with the central bank. The review may take months.
