Binance applies for a Brazilian cryptocurrency license before the deadline

This exchange is removing 22 crypto assets from its platform for Brazilian users and hopes that communication with the Brazilian Central Bank will allow it to resume some of its services.

Binance has applied for a cryptocurrency service provider license in Brazil, seeking to maintain its operations in one of the largest crypto markets in Latin America before the regulatory deadline on October 30th (Friday).

According to a statement shared by Binance with Cointelegraph, the exchange submitted an application to the Central Bank of Brazil on October 23rd (Friday) through its local entity BBrasil.

The company stated that this application will enable Brazilian users to continue using encrypted assets, stablecoin trading, payment, and investment services.

Binance also announced that starting from Tuesday, adjustments will be made for Brazilian users, including restrictions on crypto lending, margin trading, and other services. The exchange will also delist 22 crypto assets in Brazil.

Thiago Sarandy, the General Manager of Binance Brazil, stated: "We support a regulated market that should take into account the characteristics of virtual assets, thereby allowing technology and innovation to continue to advance; however, we hope that the discussions ongoing with the central bank will enable us to offer other products in the near future, which were previously halted due to compliance with current regulations."

Brazil requires existing crypto service providers to submit authorization applications by October 30 in order to continue operating under the transitional arrangements. Submitting an application does not constitute regulatory approval.

Reportedly, Binance.US aims to achieve a valuation of $1 billion in a potential $100 million financing round.