Binance Applies for Brazil Crypto License, Restricts Some Services
Summary
- Binance said it is seeking to maintain its local business by applying to Brazil’s central bank for a virtual-asset service provider license.
- The application would allow users in Brazil to continue accessing crypto trading, stablecoin trading, payments, and investment services.
- To comply with regulations, Binance is restricting crypto lending and margin trading in Brazil and delisting 22 cryptocurrencies, while saying it hopes to resume the suspended services.
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Binance has applied to Brazil’s central bank for a virtual-asset service provider license as it seeks to preserve its local business.
Cointelegraph reported on October 27 that Binance filed the application on October 23 through its local entity, BBrasil. Brazil requires existing crypto service providers to apply for authorization by October 30 to continue operating under a temporary framework. Filing an application does not in itself amount to regulatory approval.
Binance said the application would allow users in Brazil to continue accessing crypto trading, stablecoin trading, payments and investment services.
Some services will be curtailed to comply with regulations. Binance said that, starting October 27, it would restrict crypto lending and margin trading for users in Brazil and delist 22 cryptocurrencies in the country.
Thiago Sarandy, Binance’s Brazil head, said the company supports a regulated market that reflects the characteristics of crypto assets so access to technology and innovation can continue to advance. He added that Binance hopes its ongoing talks with the central bank will allow it to resume the suspended services in the near term.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.