Binance to restrict eight services and halt 22 tokens in Brazil under central bank rules
Binance will restrict eight services, stop trading for 22 tokens, and migrate Brazilian user accounts to a local group entity to comply with Brazil's central bank regulations.
Binance is overhauling its platform offerings in Brazil to comply with new crypto asset rules enacted by the Banco Central do Brasil, according to reports by Wu Blockchain and BSC News. Starting October 27, the exchange will restrict access to eight core features and halt trading for 22 tokens for residents.[1][2][3]
The restricted services include Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0. Users with existing margin and lending positions will be allowed to keep them open, but they will be prohibited from creating new positions. Additionally, Brazilian residents will no longer be able to trade 22 specific assets, including USDe, USTC, DUSK, MANTRA, XVG, DCR, PIVX, and BB.[1][2][3]
Following the service curtailments, Binance will migrate eligible Brazilian user accounts and wallets to a local corporate entity within its group by October 29. The platform is also adjusting its fiat payment processing, asset trading frameworks, and regulatory reporting procedures to align with domestic compliance mandates.[1][2][3]
Key facts
- Binance will restrict eight services for Brazilian users beginning October 27: Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0.
- Trading services for 22 tokens, including USDe, USTC, DUSK, MANTRA, XVG, DCR, PIVX, and BB, will be discontinued for Brazilian residents on October 27.
- Brazilian users may maintain existing eligible margin and crypto loan positions, but creating new positions will be blocked.
- Eligible Brazilian users and wallets will transition to a local entity within the Binance group by October 29.
- The restrictions and platform adjustments are being implemented to adhere to new regulations issued by Brazil's central bank.
Sources · 3 sources
- BS
BSCN@BSCNewsPost on X ·
Binance Overhauls Brazil Operations Ahead of Regulatory Deadline Binance (@binance) is set for drastic changes in Brazil after new Central Bank regulations come into effect. Starting from October 27, 22 coins such as ethereum:0x4c9edd5852cd905f086c759e8383e09bff1e68b3, $USTC, dusk-network:native and mantra:native will no longer be tradable by residents. Binance will also restrict eight services, including margin trading, crypto loans, and cloud mining. Users with valid margin accounts can keep them but cannot create any new margin positions. Brazilian wallets will shift to the local entity of Binance group by October 29.
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Binance users in Brazil face new trading restrictions from Oct. 27 The changes will remove 22 tokens, including $USDe, $USTC, dusk-network:native and mantra:native, and suspend services such as margin trading and crypto loans, while local wallet accounts are set to transition by Oct. 29.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Binance to Restrict 8 Services and Delist 22 Tokens in Brazil to Comply With New Regulations Binance will restrict Brazilian users’ access to eight services, including Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0, effective October 27 to comply with new crypto asset regulations issued by Brazil’s central bank. The exchange will also stop offering trading services for 22 tokens to Brazilian residents, including XVG, USDE, USTC, DCR, DUSK, PIVX, BB, and MANTRA. Existing eligible lending and margin positions may be maintained, but no new positions may be opened. In addition, Binance will migrate eligible Brazilian users to a local entity within its group by October 29 and adjust its fiat payment, asset trading, and regulatory reporting arrangements.
Open source