Binance Submits Crypto Service License Application Ahead of Brazil's Deadline, Delists 22 Assets

on October 27, according to Cointelegraph, Binance has submitted an application for a crypto asset service provider license to the Brazilian Central Bank through its local Brazilian entity BBrasil on October 23. Brazil requires existing crypto service providers to submit authorization applications by October 30 to continue operating under transitional arrangements. Submitting an application does not equate to securing regulatory approval. Binance stated that this application aims to allow Brazilian users to continue utilizing crypto assets, stablecoin trading, payment, and investment services.

To comply with current regulations, Binance has restricted Brazilian users from accessing services such as crypto lending and margin trading since Tuesday, and delisted 22 crypto assets. Thiago Sarandy, General Manager of Binance Brazil, stated that he hopes to restore some of the suspended products in the near future through ongoing communication with the central bank.