- Binance applied for a Brazilian VASP license on October 23 via its subsidiary, BBrasil.
- The exchange filed ahead of the October 30 deadline to meet new Brazilian financial rules.
- Brazil’s central bank introduced strict rules prioritizing oversight and platform safety.
Binance is applying for regulatory approval to continue operating in Brazil as the country cracks down harder on crypto exchanges.
The filing comes as Binance limits eight products and delists 22 cryptocurrencies for Brazilian users, a sign of the rising compliance pressure on big crypto firms.
Binance officially filed for a license with Brazil’s central bank on October 23 using its local subsidiary, BBrasil. This step was taken ahead of an October 30 deadline, which requires crypto exchanges currently operating in the country to apply for permission under new local financial rules.
Submitting the paperwork, however, doesn’t guarantee that the license will be granted.
Binance Restricted Products in Brazil
Starting October 27, Brazilian users lost access to eight Binance products: Binance Loans, Binance Pool, Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0. Binance also stopped trading 22 tokens, including USDe, USTC, XVG, DCR, MANTRA, and ZIL.
Customers holding affected tokens can still withdraw their balances. For active positions in restricted products, users will be able to shrink or close them out according to the platform’s rules.
Brazil’s central bank introduced a strict set of regulations governing how crypto platforms operate, focusing on safety and official oversight. The rules also demand better protection for user funds and stronger measures to combat financial crime.
Because of this, Binance is restructuring its local setup to ensure its business fully complies with the country’s updated laws.
Thiago Sarandy, General Manager of Binance Brazil, mentioned that the exchange hopes talks with the central bank will eventually let them bring back some paused features. Nonetheless, until regulators provide clear guidelines on what is allowed, there is no guarantee those products will return.
As such, for Binance, getting official approval is essential to protecting its footprint in a key Latin American market. Whether the discontinued services eventually return depends on the central bank’s decision and whether Binance can reintroduce services under the new rules.
This filing in Brazil comes after Binance decided in June to pull its license application in Greece under the EU’s new crypto regulations (MiCA). At the time, Binance clarified that it plans to seek approval in a different EU nation instead, reassuring users that it intends to keep operating across Europe.
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