Binance says its Brazilian entity, BBrasil, filed for a crypto-asset service provider license with Brazil’s central bank on Oct. 23. The application comes ahead of an Oct. 30 transition deadline, while the exchange is narrowing some local products and plans to remove 22 crypto assets from the Brazilian market, according to BlockBeats.
License filing precedes the deadline
Brazil’s rules require existing crypto service providers to submit an authorization application by Oct. 30 to continue operating under transitional arrangements. The filing itself does not mean the central bank has approved Binance’s license.
Some Brazilian products are being restricted
Binance began limiting crypto lending and margin trading in Brazil on Oct. 27 and said it plans to delist 22 crypto assets locally. Thiago Sarandy, Binance’s Brazil head, said the company hopes continued talks with the central bank could allow some compliance-related product suspensions to be reversed. The report does not identify the 22 assets or provide a timetable for any future reinstatement.