Binance submitted a cryptocurrency service provider license application in Brazil on Friday, Oct. 23, through its local entity BBrasil, ahead of a critical Oct. 30 regulatory deadline for crypto operators in Latin America's largest digital-asset market.
The exchange must comply with Brazil's new regulatory framework or face operational restrictions. The application preserves user access to core services including spot trading, stablecoin transactions and payments.
Effective Tuesday, Binance restricted crypto lending and margin trading for Brazilian users and delisted 22 specific crypto assets on the platform. Holders of those tokens can no longer trade them on Binance within Brazil.
Thiago Sarandy, Binance's general manager in Brazil, said the company supports a regulated market that recognizes the characteristics of virtual assets. He expressed hope that continued dialogue with the Central Bank will allow Binance to restore discontinued products in the near future.
Brazilian law requires all existing crypto service providers to submit authorization applications by Oct. 30 to continue operating under transitional arrangements while their applications are reviewed. The submission does not guarantee approval—the Central Bank must evaluate BBrasil's compliance and operations before granting a full license.
