Binance has filed an application with Brazil’s central bank for a crypto-asset service provider license through its local entity, BBrasil, in a move aimed at keeping its operations running ahead of the Oct. 30 regulatory deadline. The company said the filing, submitted on Oct. 23, is intended to allow users in Brazil to continue accessing crypto assets, stablecoin trading, payments and investment services while the regulatory process moves forward.
At the same time, Binance has rolled out changes for Brazilian users that took effect Tuesday. Those measures include restrictions on crypto lending, margin trading and other services, along with the delisting of 22 crypto assets in the country. Thiago Sarandy, general manager of Binance Brazil, said the company supports a regulated market that takes into account the characteristics of virtual assets and hopes ongoing talks with the central bank will allow it to restore products that were paused to comply with current rules.
Under central bank requirements, existing crypto service providers must submit authorization requests by Oct. 30 to keep operating under transitional arrangements. Binance’s filing does not mean approval has been granted, and the exchange still needs to wait for the central bank’s formal review before it can know whether its local business will be fully compliant.
Binance has submitted an application to Brazil’s central bank for a crypto-asset service provider license through its local entity, BBrasil, seeking to maintain operations in one of Latin America’s largest crypto markets before the Oct. 30 regulatory deadline.
The application was filed on Oct. 23. Binance said the move would allow users in Brazil to continue accessing crypto assets, stablecoin trading, payment and investment services.
Service changes for users in Brazil
At the same time, Binance said changes for Brazilian users took effect on Tuesday, including restrictions on crypto lending, margin trading and other services. The exchange will also delist 22 crypto assets in the country.
Executive comments
Thiago Sarandy, general manager of Binance Brazil, said the company supports a regulated market that takes into account the characteristics of virtual assets. He added that Binance hopes its ongoing dialogue with Brazil’s central bank will allow it, in the near future, to offer again other products that were suspended to comply with current regulations.
Filing is not the same as approval
Under rules set by Brazil’s central bank, existing crypto service providers must submit authorization applications by Oct. 30 in order to continue operating under transitional arrangements. Still, filing an application does not amount to regulatory approval. Binance must wait for the central bank’s formal review before it can determine whether its local business will be able to operate in full compliance.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
