Binance files for Brazil crypto license ahead of Friday deadline

The exchange is delisting 22 crypto assets for Brazilian users and hopes talks with the central bank will allow it to restore some services.

Binance has applied for a cryptocurrency service provider license in Brazil, seeking to maintain its operations in one of Latin America’s largest crypto markets ahead of a regulatory deadline on Friday, Oct. 30.

The exchange submitted its application to the Central Bank of Brazil on Friday, Oct. 23, through its local entity, BBrasil, according to a statement shared with Cointelegraph.

The company said the filing would allow Brazilian users to continue accessing crypto assets, stablecoin trading, payments and investment services.

Binance has also announced changes for Brazilian users effective Tuesday, including restrictions on crypto lending, margin trading and other services. The exchange is also delisting 22 crypto assets in the country.

“We support a regulated market that considers the characteristics of virtual assets, so that access to technology and innovation continues to advance, but 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 the country.

Brazil requires existing crypto service providers to submit authorization applications by Oct. 30 to continue operating under transitional arrangements. Filing an application does not constitute regulatory approval.

Related: Binance.US seeks $1B valuation in potential $100M funding round: Report

Subscribe to daily byte-sized crypto news from Cointelegraph

More on the subject