Binance Files for Brazil Crypto License but Drops 22 Tokens and Restricts 8 Products

Binance Files for Brazil Crypto License but Drops 22 Tokens and Restricts 8 Products

Binance has applied for a cryptocurrency service provider license in Brazil, but the exchange is simultaneously removing 22 tokens from local trading and restricting eight products as the country's new regulatory framework takes effect. The application was submitted on October 23 through BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., according to an October 26 report by Portal do Bitcoin.

The filing comes one week before Brazil's October 30 authorization deadline, allowing existing operators that apply on time to continue serving customers under transitional arrangements while regulators review their applications. However, applying does not mean Binance has received approval from the Central Bank of Brazil.

According to Binance's official notice, the restrictions take effect on October 27 and cover crypto lending, margin trading, Binance Pool, Cloud Mining, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. Brazilian