Binance Files for Crypto Service License in Brazil Ahead of Deadline

Binance has applied for a crypto service provider license in Brazil to maintain operations in one of Latin America's largest markets before the regulatory deadline of October 30. The application was submitted to the Central Bank on October 23 through the local entity BBrasil, the company told Cointelegraph. According to them, this will allow users to retain access to crypto assets, stablecoin trading, payments, and investment services.

Brazil requires existing providers to submit applications by October 30 to continue operating under a transitional regime. Companies that fail to do so must cease operations, while those that apply still need to receive approval. "We support a regulated market that takes into account the specifics of virtual assets, and we hope that dialogue with the Central Bank will soon allow us to bring back other products suspended to comply with the rules," said Tiago Sarandi, CEO of Binance in Brazil.

Two structures and restrictions

Binance has split its local business into two companies. Crypto operations are conducted by BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais, which is seeking the status of a virtual asset service provider. Fiat balances, payments, and access to U.S. stocks are managed by Binance Brasil Corretora de Câmbio e Valores Mobiliários, formerly Sim;paul, which Binance agreed to acquire in 2022; the Central Bank approved the deal in December 2024. The transfer of clients to the new scheme has already begun, with payment accounts planned to open by October 29.

As of October 27, the exchange has restricted eight services, including margin trading, crypto loans, Binance Pool, Cloud Mining, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0, and is delisting 22 tokens. Existing margin positions can be held, but new orders and loans are unavailable; the timeline for the return of services has not been announced. Binance plans to expand into bill payments, account transfers, international transfers, and currency exchange, competing with banks.

Regulation

The new regime requires compliance in capital, management, security, compliance, and client protection, including independent audits for anti-money laundering, asset segregation, and risk management. A September industry assessment suggested that less than 10% of providers would submit applications—20–25 companies, of which about 10 would receive licenses. Sarandi noted that crypto companies were given 270 days, whereas payment institutions had about five years.

Revolut, Lemon Cash, and Bitso are already leaving Brazil; local Coinext, NovaDAX, Bity, and Digitra com have closed operations. Applications have been submitted by OKX, Bybit, Transfero, and Brasil Bitcoin, with Coinbase, Foxbit, and Mercado Bitcoin expected; Bradesco, BTG Pactual, and Itaú have digital assets. Starting November 1, Binance will introduce checks for international transfers: for amounts over $50,000, a purpose must be selected from 96 codes.