Binance applies for Brazil crypto licence ahead of 30 October deadline, delists 22 tokens locally
Binance said it applied to Brazil's central bank for a virtual asset service provider licence through its local unit. From Tuesday it restricted eight services and delisted 22 tokens for Brazilian users.
Binance has applied to the Central Bank of Brazil for a licence as a virtual asset service provider, the exchange said, ahead of a 30 October deadline for existing crypto firms to seek authorisation.
The application was filed on Friday 23 October through its local entity, BBrasil, according to a Binance statement reported by Cointelegraph. Brazilian rules require existing providers to apply by 30 October to keep operating under transitional arrangements. Filing an application does not amount to approval.
From Tuesday 27 October, Binance restricted eight products for users in Brazil: loans, Binance Pool, cloud mining, margin trading, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0, according to a company announcement reported by CryptoPotato. It also delisted 22 tokens in the country, including USDE, USTC, ZIL and STORJ. Users can withdraw remaining balances of delisted tokens.
Brazilian customers’ operations in reais are moving to a locally authorised payment account, and new reporting requirements for international crypto transfers take effect on 1 November, CryptoPotato reported.
“We hope that the ongoing dialogue with the Central Bank will allow us to offer, in the near future, other products that were discontinued to comply with current regulations,” said Thiago Sarandy, Binance’s general manager in Brazil.
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