Binance has filed the application for the cryptocurrency service provider license in Brazil as the deadline on October 30 approaches, while preparing to expand its financial services business beyond digital asset trading. As per an EXAME news update dated October 26, the exchange has submitted its application to the Central Bank of Brazil through its affiliate company Brasil, which will conduct all activities related to cryptocurrencies under the new regulations. According to Thiago Sarandy, general manager for Binance in Brazil, the company is ready to work under the supervision of the central bank and aims to grow into a full-fledged financial platform.
Binance Restructures Brazilian Operations to Separate Crypto and Traditional Financial Services
The firm wants to expand the range of financial products offered compared to that offered by traditional banks, as stated by Sarandy, while enhancing the services that customers can already obtain via traditional financial institutions. In order to comply with Brazil’s regulations, Binance has bifurcated its local business operations into two firms, separating crypto services from activities involving traditional currencies and financial services.
It already has an existing brokerage, called Sim;Paul, that was acquired by Binance in 2022. The new name of this broker in Brazil will be Binance Brasil Corretora de Câmbio e Valores Mobiliários. The deal was approved by the country’s central bank in December 2024. In addition to crypto, Binance intends to launch several other finance-related services for locals, which include bill payments, account portability, international transfers, and foreign exchange transactions.
During the month of August, Binance stated that it would give access to US stocks and exchange-traded funds for Brazilian users in addition to its cryptocurrency services. According to Sarandy, the intention of the firm is to rival banks when it comes to the variety of its services and the quality of the offerings.
This year, Binance crypto exchange had withdrawn its application for Markets in Crypto-Assets Regulation (MiCA) licensing with Hellenic Capital Market Commission (HCMC), Greece, and plans on applying for licensing in some other member state only a few days ahead of the EU deadline. As reported previously by Reuters, Gillian Lynch, Binance’s head of Europe and the UK, confirmed that “Binance isn’t leaving Europe” and is seeking to become authorised in another EU jurisdiction should their Greek application fail.
