Key Insights
- Binance news reports that the exchange filed for a Brazilian crypto license before the October 30 deadline.
- Crypto regulations prompt Binance to remove 22 tokens and restrict 8 services as of October 27.
- Binance plans to expand payments, international transfers, foreign exchange, and US stock access in Brazil.
Binance news shows that international cryptocurrency exchange Binance has applied for a crypto license in Brazil ahead of the October 30 deadline. The exchange has also removed 22 tokens and restricted 8 services as it prepares to comply with new crypto regulations and expand its financial services in the country.
Binance News: Exchange Seeks Approval Before Brazil Licensing Deadline
Binance has submitted an application to Brazil’s central bank to continue operating under the country’s new crypto regulations. According to an October 26 report by EXAME, the application was filed through BBrasil, the local company that will handle its cryptocurrency operations.
The filing comes ahead of an October 30 deadline for existing crypto businesses to enter the authorization process. Companies that fail to apply must wind down their operations, while those that submit applications still need approval from the regulator.
Thiago Sarandy, Binance’s general manager in Brazil, said the exchange was ready to operate under central bank supervision. He also outlined plans to develop Binance into a broader financial services platform, offering products that compete with those available through traditional banks.
To meet the new requirements, Binance has separated its cryptocurrency operations from its traditional currency and financial services.
Its existing brokerage, Sim;paul, which Binance agreed to acquire in 2022, has been renamed Binance Brasil Corretora de Câmbio e Valores Mobiliários. The central bank approved the acquisition in December 2024.
The brokerage will manage customer balances in Brazilian reais and other fiat currencies, payment services, and access to US stocks. Meanwhile, BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais will handle cryptocurrency transactions and is seeking authorization to operate as a virtual asset service provider.
Binance has also started moving Brazilian customers into this new structure. Individual payment accounts through its local brokerage are scheduled to be established by October 29.
Crypto Regulations Force Binance to Restrict Eight Services and Remove 22 Tokens
While Binance seeks approval, its Brazilian customers are facing changes to the products they can use. The exchange announced that restrictions on eight services and the removal of 22 tokens from trading would begin on October 27.
The affected services include margin trading, cryptocurrency loans, Binance Pool, Cloud Mining, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0.
Customers with existing margin positions can keep them open. However, they cannot place new margin orders or borrow additional funds. Binance has not provided a date for the return of the restricted services.
Sarandy said the company would seek regulatory changes and work with banking partners to restore some products, particularly lending and margin trading.
These changes come as Brazil introduces stricter crypto regulations covering capital, governance, security, compliance and customer protection. The central bank has also introduced independent audit requirements for anti-money laundering controls, the separation of customer assets, risk management and internal compliance.
Sarandy acknowledged the regulator’s goal of improving investor protection but questioned the time given to crypto companies to prepare. He said they had 270 days to meet the requirements, compared with about five years for payment institutions.
The new rules could reshape the local market. A September industry assessment estimated that fewer than 10% of existing crypto service providers would seek authorization. It projected that 20 to 25 companies might apply, with around 10 eventually receiving licenses.
Binance Plans More Financial Services as Crypto Companies Leave Brazil
Beyond securing approval, Binance wants to expand its financial services for Brazilian customers. Planned offerings include bill payments, account portability, international transfers, and foreign exchange transactions.
The exchange already operates Pay Pix, which allows customers to make payments and transfer Brazilian reais using their cryptocurrency balances. In August, Binance also announced plans to offer access to US stocks and exchange-traded funds.
However, several companies have announced plans to leave Brazil or have already closed their operations. Revolut, Lemon Cash and Bitso have announced plans to discontinue crypto services in the country, while domestic exchanges Coinext, NovaDAX, Bity and Digitra.com have shut down.
Other firms, including OKX, Bybit, Transfero and Brasil Bitcoin, have submitted licensing applications. Coinbase, Foxbit and Mercado Bitcoin are among those expected to apply. Brazilian banks such as Bradesco, BTG Pactual and Itaú also have digital asset operations.
Meanwhile, Binance will introduce additional checks for international cryptocurrency transfers from November 1. Customers will need to provide transaction purposes and information about the other party involved.
