Binance applies for crypto service license in Brazil, plans to delist 22 local crypto assets.

BlockBeats news, October 27 - Binance recently submitted an application for a crypto asset service provider license to the Central Bank of Brazil through its local entity BBrasil on October 23, in order to meet local compliance requirements before the regulatory deadline of October 30.

Binance stated that the application aims to ensure Brazilian users can continue to use services such as crypto asset and stablecoin trading, payments, and investments. However, Binance has announced adjustments to its local operations, restricting services including crypto lending and margin trading starting October 27, and plans to delist 22 crypto assets in Brazil.

Thiago Sarandy, head of Binance Brazil, stated that the company supports the establishment of a regulated market adapted to the characteristics of virtual assets, and hopes to restore some products suspended due to compliance requirements in the future through continued communication with the Central Bank of Brazil.

According to relevant Brazilian regulations, existing crypto service providers must submit authorization applications before October 30 in order to continue operating under transitional arrangements. Submitting an application does not mean regulatory approval has been obtained.