WORLDTECHBinance Seeks Brazilian Licence as It Pulls Eight Products and 22 Tokens
Binance says it has asked Brazil's central bank for authorisation to keep serving crypto customers in the country, only days before an October 30 deadline, while product cuts for Brazilian users took effect on Tuesday.
Eight products and 22 tokens leave
Brazilian users lose access to eight products and 22 tokens from Tuesday, according to the exchange. The removals follow a set of reductions for Brazilian customers that Binance announced earlier this month.
Binance states that it lodged its application with the central bank last Friday, shortly before the deadline.
Application stands apart from approval
The application was filed under BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda. Unchained, which first reported the story, points out that a submission of this kind does not itself confer a licence, and it could find no public reply from the central bank.
Binance is a cryptocurrency exchange and financial services company headquartered in the United Arab Emirates.
Exchange plans to restore products
Thiago Sarandy, Binance's general manager in Brazil, said in a statement that the firm wants to return the products it withdrew for compliance reasons to Brazilian users in the near future. Binance is relying on continuing talks with the central bank to make that happen.
Open questions
- Will the Banco Central do Brasil respond to or act on Binance's application?
- When, if at all, will the withdrawn products return to Brazilian users?