Binance Files for Brazil Crypto License Ahead of Deadline
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Written by Helen Partz, staff writer
Edited by Yohan Yun, staff editor
Binance has applied for a cryptocurrency service provider license in Brazil, aiming to maintain its operations in the country ahead of the Friday deadline, October 30. The exchange filed its application with the Central Bank of Brazil through its local entity, BBrasil, on October 23, according to a statement.
The move is in response to Brazil's requirement for existing crypto service providers to submit authorization applications by October 30 to continue operating under transitional arrangements.
Binance has announced changes for Brazilian users effective Tuesday, including restrictions on crypto lending, margin trading, and delisting 22 crypto assets.
"We support a regulated market that considers the characteristics of virtual assets, so that access to technology and innovation continues to advance, but we hope that the ongoing dialogue with the Central Bank will allow us to offer, in the near future, other products that were discontinued to comply with current regulations," said Thiago Sarandy, Binance’s general manager in Brazil.
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