Binance Files for Brazil Crypto License, Delists 22 Tokens for Local Users
Binance filed for a virtual asset service provider license with the Central Bank of Brazil on Oct. 23, a week before the deadline. Brazilian users lost 22 tokens and eight products, including loans and margin trading, on Oct. 27. The license is still pending.
Brazilian Binance users lost access to 22 crypto assets and eight products on Oct. 27, the price of keeping the exchange inside the country's new licensing regime. Four days earlier, on Friday, Oct. 23, Binance had applied to the Central Bank of Brazil for a virtual asset service provider license through its local entity, BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda. That put it a week ahead of the central bank's Oct. 30 deadline for existing providers.
Filing is not approval. Providers that submit by Oct. 30 can keep operating under transitional arrangements while the central bank reviews their applications, but the license itself is still pending.
What changed for Brazilian users
The restricted products include loans, margin trading and cloud mining. Open positions in affected services move to reduce-only or closure status, so users can exit or shrink exposure but cannot add to it. Spot trading of approved tokens and stablecoins continues.
Binance is also migrating customer accounts to a second local entity, Binance Brasil Corretora, with completion targeted for Oct. 29. New cross-border transfer reporting requirements begin Nov. 1.
Compliance groundwork
The application included a technical certification from CertiK covering nearly 900 compliance items. Binance has also acquired Sim;paul, a firm that received central bank authorization in December 2024.
Brazil's central bank now supervises virtual asset providers under a formal licensing framework, and Oct. 30 marks the dividing line between providers that can keep operating and those that cannot. A central bank normative instruction appears to supply the regulatory basis for the requirement.
Thiago Sarandy, Binance's general manager in Brazil, framed the cuts as a cost of compliance and signaled he wants some products back:
"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"
Thiago Sarandy, Binance general manager in Brazil
What it means
The trade-off is plain. Brazilian users keep access to an exchange that has filed for a license on time, and in exchange they lose a larger product menu. Binance has given no timeline for restoring the restricted services, and any return depends on its talks with the central bank.
The episode shows how a licensing deadline can reshape an exchange's offering in a single market before approval arrives. Elsewhere, Binance has been adding products, with its bStocks offering crossing $1 billion in assets under management on Oct. 15. In Brazil, the near-term question is whether the central bank accepts the application, and which products survive its review.
