Binance Seeks Brazil Crypto License From Central Bank Before Oct. 30 Deadline

Binance Files VASP Application With Brazil's Central Bank

Binance applied for a virtual asset service provider license in Brazil, submitting its request to the Central Bank of Brazil on Friday, Oct. 23, through its local entity BBrasil. The filing lands one week before the Oct. 30 cutoff, a date that closes the transitional window under Instruction Normativa BCB No. 704, the central bank rule requiring existing crypto service providers to enter the authorization process by that date or stop operating in the country. Submitting an application starts the review, but it does not itself constitute approval, and the regulator has set no timeline for a decision. The standards attached to a license cover capital, governance, security, compliance and customer protection, with independent audits of anti-money-laundering controls, customer asset segregation and internal compliance procedures. Thiago Sarandy, Binance's general manager in Brazil, confirmed the move and said the exchange is ready to operate under central bank supervision. The stated goal reaches beyond trading: the filing is meant to keep Brazilian users connected to crypto assets, stablecoin trading, payments and investment services while the review runs its course.

22 Delistings and 8 Service Restrictions

Effective Tuesday, the exchange's official announcement imposes restrictions on eight services for Brazilian users: margin trading, Binance Loans, Binance Pool, Cloud Mining, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. Existing margin positions can stay open, but customers cannot place new margin orders, borrow additional funds or transfer money into the affected account. Existing crypto loans are limited to repayment or closure from Oct. 27. The same notice ends spot trading support in the country for 22 assets: XVG, USDE, USTC, DCR, DUSK, PIVX, BB, MANTRA, ONE, GMT, TFUEL, ZIL, ONT, RVN, ACX, HIT, PYR, VANRY, VIC, ICX, SCRT and STORJ. Balances of the delisted tokens remain in user accounts, and holders can withdraw them to an external wallet or convert them into other supported assets. The measures apply only to Brazilian users, so they are not a global delisting. Binance has not said when the restricted services might return, though Sarandy said the exchange will seek regulatory changes and work with banking partners to restore lending and margin products.

Two-Entity Restructure and Banking Push

To fit the new framework, Binance split its Brazilian business in two. BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais handles cryptocurrency operations and is the entity named in the license application. Binance Brasil Corretora de Câmbio e Valores Mobiliários, the former brokerage Sim;paul that Binance agreed to acquire in 2022 and received central bank approval for in December 2024, manages customer balances in Brazilian reais and other fiat currencies, payment services and access to US stocks. Individual payment accounts are scheduled to move into the brokerage structure by Oct. 29. The company already runs Pay Pix, which lets users pay and transfer reais using their crypto balances, and it has lined up bill payments, account portability, international transfers and foreign exchange for later rollout. Sarandy said the intent is to offer more financial products than traditional banks. New international transfer checks follow on Nov. 1: Brazilian customers sending or receiving crypto across borders must state the transaction's purpose and counterparty details, and transfers above $50,000 require selecting from 96 purpose codes.

Fewer Than 10% Expected to Apply

Our read of the filings and the market around them: the regime is set to thin the field long before the central bank rules on any single application. A September industry assessment estimated that fewer than 10% of existing Brazilian crypto service providers would seek authorization, with roughly 20 to 25 applications and about 10 licenses granted. Revolut, Lemon Cash and Bitso plan to discontinue local crypto services, and domestic exchanges Coinext, NovaDAX, Bity and Digitra.com have already closed. OKX, Bybit, Transfero and Brasil Bitcoin have submitted applications, while Coinbase, Foxbit and Mercado Bitcoin are expected to follow. Sarandy also flagged the runway: exchanges received 270 days to meet the requirements, against roughly five years for payment institutions. For Binance, whose services several smaller local providers relied on, approval would lock in its position in one of Latin America's largest crypto markets.