Binance has officially submitted an application for a cryptocurrency service provider license in Brazil. The filing was made through the company's local entity, BBrasil, to the Central Bank of Brazil on Friday, Oct. 23.
This move comes ahead of the Oct. 30 regulatory deadline, which requires existing crypto service providers in the country to apply for authorization to continue operations under transitional arrangements. The company noted that submitting an application does not guarantee regulatory approval.
In preparation for these regulatory changes, Binance announced that it is delisting 22 crypto assets for Brazilian users. Additionally, the exchange is implementing restrictions on services such as margin trading and crypto lending, effective Tuesday.
Thiago Sarandy, Binance's general manager in Brazil, stated that the company supports a regulated market. He expressed hope that ongoing discussions with the Central Bank will eventually allow the exchange to restore the discontinued services for local users.
