Binance filed through BBrasil on October 23. Applicants must keep records during the review, while previously announced product restrictions begin on October 27.
Crypto exchange Binance has applied to Brazil’s central bank for a virtual asset service provider license. According to Blocknews’s October 26 report, BBrasil filed on Friday, October 23, for permission to arrange crypto transactions for clients. Previously announced restrictions on Binance products begin in Brazil today, October 27.
Which services does BBrasil want permission to provide?
The applicant’s full name is BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda. It is seeking the intermediária, or intermediary, category of SPSAV authorization. Brazil distinguishes that category from custodians and firms combining intermediation with custody. Neither final approval nor a date for the decision has been announced.
Binance’s official transition FAQ identifies separate companies for crypto services and Brazilian real accounts. BBrasil will handle crypto transactions. Real accounts are scheduled to move by October 29 to Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A., formerly Sim;paul. Binance says asset custody will remain with Nest Clearing and Custody Ltd., regulated in Abu Dhabi Global Market.
In an Exame interview published on October 26, Binance Brazil general manager Thiago Sarandy said Binance wants to add more financial services alongside crypto trading. It plans to expand beyond Pay Pix with bill payments, a service he called “portabilidade,” international transfers and foreign exchange. He did not give firm launch dates or specify which accounts or payments the portability service would cover.
“A complete financial platform.”
Sarandy also criticized the 270-day transition period for existing companies. He told Exame that payment institutions had previously been given five years and argued that smaller firms would struggle in particular. He said companies leaving the market would also be bad for Binance because some of those businesses were its customers.
What records must applicants provide?
Article 9 of Instruction 704 requires existing providers covered by the transition to submit first-stage documents by October 30, 2026. Companies must declare that they were operating when the rules took effect. They must also provide records about the people controlling the business and independently audited financial statements for the previous three financial years. The same transitional route does not apply to newly formed companies that have not started operating.
Under Article 88 of Resolution 520, providers already operating on February 2, 2026, that file on time may continue serving customers until the central bank decides. They cannot switch to another provider category during the review. Companies must also manage market, credit, operational and liquidity risks and apply cybersecurity, incident response and anti-money laundering controls.
From the filing date until the first stage is completed, firms must maintain current customer records, daily client balances and daily quantities and values of assets held for themselves and for individual clients. The central bank also requires monthly proof-of-reserves reports by asset and monthly reports of amounts allocated to staking where applicable. The contents of Binance’s application files have not been made public. Companies receiving a favorable first-stage assessment must then comply with all requirements of the resolution.
A favorable first-stage assessment starts a 60-day period for submitting second-stage documents. The central bank may grant up to 60 additional days following a justified request. Depending on the applicant’s and its owners’ circumstances, declarations or supporting documents on financial capacity and the source of capital are required. Companies must also submit an executive summary of the business plan, information about managers and a reasonable-assurance report from an independent auditor registered with the CVM. The report assesses anti-money-laundering controls, including customer identification, suspicious transaction monitoring and related records. The central bank may request all or part of the full business plan based on the firm’s size and risks. The 60-day filing period is not a deadline for the licensing decision.
The central bank explains intermediation, custody and applications by existing providers in the 12:43–14:55 section of its November 10, 2025 press conference. Current filing deadlines and report requirements appear in Resolution 520 and Instruction 704, linked above.
| Date | What it covers |
|---|---|
| October 23 | BBrasil’s license application, as reported by Blocknews. |
| October 27 | Start of Binance’s local restrictions covering eight products and 22 tokens. |
| By October 29 | The company’s timetable for moving real accounts to its local brokerage. |
| October 30 | First-stage filing deadline for providers covered by the transition. |
| November 1 | Binance begins requesting additional information for certain cross-border crypto transfers. |
How do today’s restrictions affect existing positions?
The changes Binance announced on October 8 cover Loans, Binance Pool, Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. In its October 26 reminder, the company said opening new positions in affected products would be restricted from October 27, while existing positions could be closed and balances moved to spot accounts. The notice applies to Brazilian accounts and the specified products.
Binance Loans borrowers can still reduce and repay existing debts; Binance says the transition itself will not trigger extra fees or penalties. Binance has not set a mandatory closure date for existing Margin positions. New orders, fund transfers and additional borrowing are restricted from October 27, however.
The local changes also cover 22 tokens, including USDE, USTC and DCR. Binance says affected balances can be withdrawn or reinvested in permitted assets, without giving an exact cutoff hour. We covered the full token list and original transition terms in our October 9 Binance Brazil report.
Binance Brasil’s official October 26 reminder about product restrictions taking effect the following day.
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Sarandy told Exame that Binance would seek regulatory changes and a banking partnership to restore credit and margin products, adding that it already had a credit partnership. Article 12 of Resolution 520 prohibits virtual asset service providers from offering credit to customers. A return date for the restricted products has not been announced.
What transfer information will Binance request from November 1?
According to Binance’s cross-border transfer FAQ, certain crypto transfers to nonresidents or exchanges abroad will require purpose and counterparty information from November 1. Without the required details, outgoing transfers will not be sent; incoming assets may be held pending completion and may be returned.
Domestic transfers between two Brazilian residents fall outside that cross-border procedure. Users sending to their own self-custody wallet must confirm ownership. Binance does not ask for a transaction purpose for those transfers and reports them in a separate category. Residence, the counterparty and who controls the wallet determine which information is requested.
Check the residence registered on the account: Binance says Brazilian citizens with a valid residence record abroad can continue using global accounts. Verified residence, rather than citizenship alone, determines the account’s treatment.
