Binance applied for a Brazilian crypto service license on October 23, ahead of the Central Bank’s October 30 deadline. The exchange restricted eight products and removed 22 cryptos from tradi
Binance has applied for a cryptocurrency service provider license in Brazil as the country’s October 30 regulatory deadline approaches. The application comes as the exchange restricts several services and removes 22 cryptocurrencies from trading for local users to comply with the new rules.
Binance Brazil General Manager Thiago Sarandy confirmed the filing in an interview with Brazilian business publication Exame on October 26. The application was submitted on October 23 through BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., according to local media reports.
The filing allows Binance to enter the regulatory review process, but it does not mean the Central Bank of Brazil has approved its license. Existing crypto service providers must submit applications by October 30 to continue operating under the applicable transitional arrangements while their requests are reviewed.
The licensing application follows a restructuring of Binance’s Brazilian operations. The company has separated its traditional financial services from its cryptocurrency business.
Binance Brasil Corretora de Câmbio e Valores Mobiliários, formerly known as Sim;paul, will handle Brazilian real balances and payment services. The crypto business will operate through BBrasil, the entity seeking authorization under the new framework. The Central Bank approved Binance’s acquisition of Sim;paul in December 2024, but that approval is separate from the crypto license application.
Following this, Binance restricted access to eight products for Brazilian users, including Binance Loans, margin trading, Binance Pool, Cloud Mining, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. Changes to the platform took effect on October 27.
The exchange also removed 22 cryptocurrencies from local trading. The affected assets include Decred (DCR), Ravencoin (RVN), Zilliqa (ZIL), Secret (SCRT), Verge (XVG), Harmony (ONE) and Ethena USDe (USDE). Binance said customers’ holdings would not be automatically sold solely because of the trading changes.
Brazil’s new framework introduces requirements covering governance, internal controls, cybersecurity, capital and anti-money-laundering measures for crypto service providers.
Sarandy has also discussed plans to expand Binance’s Brazilian business beyond cryptocurrency trading, including payment and other financial services. The company’s ability to offer regulated crypto services will depend on the Central Bank’s review of its application.
