Binance Files for Brazil Crypto License Before Deadline
Binance applied for a cryptocurrency service provider license in Brazil on Oct. 23, seeking to continue operations before the Central Bank’s Oct. 30 deadline.
Binance submitted the application to Brazil’s Central Bank through its local entity, BBrasil. The filing does not constitute regulatory approval.
The company said authorization would allow users in Brazil to access crypto assets, stablecoin trading, payment services and investment products.
Binance announced service changes for Brazilian users effective Tuesday, including restrictions on crypto lending, margin trading and other services. The exchange is also delisting 22 crypto assets in the country to comply with current regulations.
Thiago Sarandy, Binance’s general manager in Brazil, expressed support for a regulated market that takes virtual assets into account. He added that the company hopes its discussions with the Central Bank will allow it to restore some discontinued products.
Brazil requires existing crypto service providers to submit license applications by Oct. 30 to continue operating under transitional arrangements. Applying allows a company to seek authorization but does not guarantee approval.
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