Binance Applies For Brazil License, Restricts Services
Binance has submitted a license application in Brazil while delisting 22 assets and restricting margin trading to comply with local rules ahead of an Oct. 30 deadline.
Update (Oct 27, 09:28 UTC): According to bloomingbit, Binance has officially applied for a crypto license in Brazil and has begun restricting certain services ahead of regulatory deadlines.
Binance has applied for a cryptocurrency service provider license in Brazil to maintain its operations ahead of a regulatory deadline on Friday, Oct. 30, according to Cointelegraph.
Instant Telegram notifications for large on-chain moves.
The exchange submitted its authorization application to the Central Bank of Brazil on Friday, Oct. 23, through its local entity, BBrasil, according to a company statement. Binance stated that the filing is intended to allow Brazilian users to continue accessing cryptocurrency assets, stablecoin trading, payment services, and investment products.
Product Changes and Asset Delistings
Ahead of the regulatory deadline, Binance announced operational adjustments for users in Brazil, effective Tuesday. These changes include new restrictions on crypto lending and margin trading services. Additionally, the exchange is delisting 22 crypto assets in the country to comply with current legal requirements.
"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. Sarandy expressed hope that ongoing dialogue with the Central Bank of Brazil will allow the exchange to restore discontinued products in the near future.
Brazil's Licensing Requirements
Brazil requires all existing virtual asset service providers operating within the country to submit formal authorization applications by Oct. 30 to remain operational under transitional arrangements. The filing of an application enables continued service delivery during the review period but does not constitute formal regulatory approval.
Key facts
- Binance filed its license application with the Central Bank of Brazil via local entity BBrasil on Oct. 23.
- Brazil's deadline for existing crypto service providers to apply for operational authorization is Oct. 30.
- Binance is delisting 22 crypto assets and restricting margin trading and lending services in Brazil.
- The application allows Binance to continue operating under transitional rules while awaiting regulatory review.
Source: cointelegraph.com
This article is for information only and is not investment advice. BullishMarketCap news is produced with AI assistance from public sources and reviewed by our editors; see our editorial policy. Spotted an error? Tell us.
