Brazil crypto license deadline leaves exchanges facing high costs and open questions
Crypto exchanges already operating in Brazil must file for authorization by Friday if they want to keep running while regulators review their applications, but lawyers and industry executives say the filing itself is only the beginning. Brazil’s framework, introduced in November 2025 under the supervision of the Banco Central do Brasil, covers exchanges, custodians and other virtual asset service providers. The review process can take up to two years, while firms that miss the deadline must stop offering services within 30 days from Friday. From Nov. 6, banks and payment institutions will also be restricted from conducting crypto transactions with unauthorized providers. Industry participants say key parts of the rules are still unclear, including how to identify self-custody wallets, how to interpret a $100,000 limit on certain international transfers and where transaction-reporting thresholds begin. Large exchanges such as OKX, Binance and Coinbase have already filed, but lawyers warn that minimum capital requirements, technical certification, custody audits and anti-money laundering controls could be too expensive for smaller operators.
