Binance, a top crypto exchange, has applied for authorization in Brazil. The exchange wants to operate as a regulated virtual asset service provider in Brazil. Binance has filed for license to the Central Bank of Brazil through its local entity BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda. Earlier, Brazil’s central bank had put a ban on cross border transactions via crypto.

The timing of this submission is very crucial. It comes just ahead of the October 30 deadline. This is a final deadline for existing operators in order to continue serving the Brazilian market. Binance is seeking intermediary status, which would allow it to facilitate the purchase, sale and exchange of virtual assets on behalf of clients.

Brazil’s regulatory framework, established through Central Bank Resolutions 519, 520 and 521, requires crypto service providers to obtain official authorization. Companies that apply before the deadline can continue operating during the review of their applications. While those that fail to meet the requirements may have to cease operations.

Binance Restricts Eight Services in Brazil

Although Binance has filed for license, it has began restricting 8 services for Brazilian users. The affected products include crypto loans, margin trading, Binance Pool, cloud mining, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. Users with existing positions in affected products are advised to reduce or close them. Opening new positions is now prohibited.

The exchange is also removing 22 tokens from trading for Brazilian customers. These include $USDE, $USTC, $DCR, $XVG, $DUSK, $PIVX, $BB, $MANTRA, $ONE, $GMT, $TFUEL, $ZIL, $ONT, $RVN, $ACX, $HIT, $PYR, $VANRY, $VIC, $ICX, $SCRT and $STORJ. The delistings apply specifically to Brazil.

Binance Updates Local Payment Structure

Meanwhile, Binance plans to complete the migration of Brazilian users to its local payment-account structure. The arrangement involves individual payment accounts at Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A., formerly Sim;paul. Binance had acquired this brokerage.

Virtual asset services will be handled through BBrasil, while crypto custody is expected to remain with an offshore provider. The changes reflect Binance’s efforts to maintain its presence in Brazil despite regulatory strictness. However, the central bank is yet to approve the application.