Binance Applies for Brazil Crypto License Ahead of Oct. 30 Deadline

Binance has applied for a cryptocurrency service provider license in Brazil through its local entity, BBrasil. The application was submitted to the Central Bank of Brazil on Oct. 23, according to a statement shared with Cointelegraph, ahead of the country’s Oct. 30 regulatory deadline.

Brazil requires existing crypto service providers to file authorization applications by Oct. 30 to continue operating under a transitional regulatory framework. Binance said the filing would support continued access to crypto assets, stablecoin trading, payments and investment services for Brazilian users. However, submitting an application does not constitute regulatory approval.

The exchange is simultaneously restricting its Brazilian operations. Effective Tuesday, Binance will limit crypto lending, margin trading and other services while delisting 22 crypto assets in the country. The changes are intended to align Binance’s offerings with current Brazilian regulations.

“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 discussions with the central bank will allow Binance to restore discontinued products in the near future.