Binance applies for a Brazil central bank license ahead of Friday's deadline, after cutting margin, loans and 22 tokens for Brazilian users

Binance has applied to Brazil's central bank for a license as a virtual asset service provider, ahead of the October 30 deadline set by the bank's rules, Exame reported on Monday. Companies handling crypto in Brazil that do not apply by then must stop operating, and applicants still need approval.

Thiago Sarandy, who runs Binance in Brazil, told Exame the exchange had to stop margin trading and loans and will push for regulatory changes and a banking partner to bring them back. Binance uses two Brazilian entities: Binance Brasil, formerly Sim;paul, which holds clients' fiat balances and handles payments and US stock offerings, and a new one for virtual assets.

crypto.news reported that from October 27 eight services are restricted and 22 tokens are removed for Brazilian users, and that Binance will add checks on cross-border transfers on November 1, with transfers above $50,000 needing one of 96 purpose codes. It also named Revolut, Lemon Cash and Bitso as firms planning to exit Brazilian crypto services.

Sarandy said exchanges got 270 days to comply, against about five years for payment institutions. Exame listed OKX and Bybit among firms that have applied and Coinbase and Mercado Bitcoin among those expected to.