Binance Files for Brazil Crypto License Ahead of Regulatory Deadline

Brazil crypto license — Binance has submitted an application for a cryptocurrency service provider license in Brazil, seeking to maintain its operations ahead of a key regulatory deadline on Friday, October 30.

The exchange filed the application with the Central Bank of Brazil on October 23 through its local entity, BBrasil. The move is required for existing crypto service providers to continue operating under transitional arrangements in the country, though filing does not constitute final regulatory approval.

In conjunction with the application, Binance has announced significant service changes for Brazilian users effective Tuesday. These include restrictions on crypto lending and margin trading, as well as the delisting of 22 crypto assets in the country.

Thiago Sarandy, Binance’s general manager in Brazil, stated the company supports a regulated market and hopes ongoing dialogue with the central bank will allow it to restore discontinued products in the future. The license would permit Brazilian users to continue accessing crypto assets, stablecoin trading, payments, and investment services.