Binance files for Brazil crypto license ahead of Oct. 30 deadline

Binance has applied for a cryptocurrency service provider license in Brazil as the country’s October 30 regulatory deadline approaches, while preparing to expand its financial services business beyond digital asset trading. Summary Binance has applied for a cryptocurrency service provider license with Brazil’s central bank ahead of the October 30 deadline for existing exchanges to seek regulatory approval. The exchange has divided its Brazilian operations between two entities, with BBrasil handling cryptocurrency services and Binance Brasil managing fiat balances, payments and traditional financial products. Binance plans to expand its financial services in Brazil with bill payments, international transfers and foreign exchange services, while seeking to compete more directly with traditional banks. The exchange is restricting eight services and removing 22 tokens from trading for Brazilian users as it adjusts its operations to comply with the country’s new regulatory requirements. According to an October 26 EXAME report, the exchange has submitted its application to the Central Bank of Brazil through its local entity, BBrasil, which will handle cryptocurrency operations under the ...