Binance Cuts 22 Tokens in Brazil as It Seeks Central Bank License

Binance ended trading in 22 tokens and eight services for Brazilian users on Tuesday, four days after it applied for a central bank license ahead of an Oct. 30 deadline.

The application went in on Oct. 23 through BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais, a new group company, Valor Econômico reported. It seeks authorization as a virtual asset service provider under central bank Resolutions 519, 520 and 521. Providers that file by Friday can keep operating while regulators review their paperwork, Crypto Briefing reported. A filing is not an approval.

What Brazilian users lose

Binance first announced the cuts on Oct. 8. The services going away are Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0, crypto.news reported. Open margin positions can stay open, but new margin orders and new borrowing stop. Outstanding loans move to repayment only.

The 22 delisted tokens include USDe, USTC, MANTRA, GMT, ZIL and STORJ. Holders can keep them or withdraw them. Spot trading in other tokens and stablecoins continues.

Customers are set to get local payment accounts through Binance Brasil Corretora, formerly the brokerage Sim;paul, by Oct. 29. New details will be required on international crypto transfers from Nov. 1.

Thiago Sarandy, Binance's general manager in Brazil, said the company supports regulation and hopes talks with the central bank will let it bring back some of the dropped products, per Valor. The central bank has not ruled on the application.

BNB traded at $735.05 at 5:58 a.m. ET, down 0.6% in 24 hours, per CoinGecko.

In our opinion: the filing keeps Binance in Brazil, but the shorter menu is what local users feel today. The scoop to chase is which of the eight products the central bank lets back.