Binance’s Brazil Deadline Dash: 22 Delistings, One Filing, Zero Approval Yet

Binance has applied for a cryptocurrency service provider license in Brazil through its local entity, BBrasil, according to a statement shared with Cointelegraph. The exchange submitted the application to the Central Bank of Brazil on Friday, Oct. 23, ahead of a regulatory deadline on Friday, Oct. 30.

The company said the filing would allow Brazilian users to continue accessing crypto assets, stablecoin trading, payments and investment services as Binance seeks to maintain operations in one of Latin America’s largest crypto markets.

Brazil requires existing crypto service providers to submit authorization applications by Oct. 30 to continue operating under transitional arrangements. Filing an application does not constitute regulatory approval. Binance also announced changes for Brazilian users effective Tuesday, including restrictions on crypto lending, margin trading and other services, and is delisting 22 crypto assets in the country.

“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,” said Thiago Sarandy, Binance’s general manager in the country.

Separately, a report said Binance.US seeks a $1B valuation in a potential $100M funding round.