Binance Shuts Brazilians Out of New Loans and Margin Ahead of a Licensing Deadline
By Unchained
AI summary of the source article
Binance has applied for central bank authorization in Brazil while restricting Brazilian users from opening new positions in eight products, including loans and margin. The restrictions precede a regulatory licensing deadline for crypto firms operating in Brazil.
Why it matters
Under Resolution BCB 520 and Normative Instruction 704, crypto companies active in Brazil that apply by Oct. 30 "can stay open for business while their requests are pending."
Key facts
- Binance applied to Brazil's central bank under its local entity BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda.
- Effective Oct. 27, Brazilian users cannot open new positions in eight products, including Loans and Margin, and 22 tokens were delisted.
- Under Resolution BCB 520, Oct. 30 is the deadline for active crypto companies in Brazil to apply for licensing to remain operational.
Source excerpt · Unchained
The exchange says it applied to Brazil's central bank last Friday, days before an Oct. 30 deadline, as Brazilian users lose access to eight products and 22 tokens on Tuesday. The post Binance Shuts Brazilians Out of New Loans and Margin Ahead of a Licensing Deadline appeared first on Unchained .