Binance Shuts Brazilians Out of New Loans and Margin Ahead of a Licensing Deadline

Binance said it has applied to Brazil’s central bank for authorization to keep offering crypto services in the country, as a set of product cuts for Brazilian users it announced earlier this month kicked in on Tuesday.

According to a Binance statement, the request went to the central bank on Friday, Oct. 23, under BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., the group’s Brazilian crypto entity. The application is pending. A filing is not an authorization, and Unchained found no public acknowledgment of the request from the Banco Central do Brasil (BCB).

Thiago Sarandy, Binance’s general manager in Brazil, said in the statement that Binance wants to put products it pulled for compliance back in front of Brazilian users in the near future, giving them the same opportunities it offers globally, and is counting on continued dialogue with the BCB to get there.

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Under a support FAQ Binance posted on Oct. 8, users in Brazil can no longer open new positions in eight products as of Oct. 27: Loans, Binance Pool, Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. They may only close what they already hold. Outstanding loans can now only be repaid, with no fees or penalties, while existing margin positions may stay open but cannot be added to.

Binance also delisted 22 tokens for Brazilian users, among them USDE, USTC, MANTRA, GMT and STORJ. Balances stay in user accounts and can be withdrawn or reinvested, per the FAQ.

Two of the eight cuts are not unique to Brazil. Binance announced on Oct. 13 that it will shut down Binance Pool and Cloud Mining for everyone on Nov. 10, as Unchained reported. Brazilian users lose them two weeks early.

By Oct. 29, the FAQ says, every user in Brazil will be moved to an individual payment account at Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A., with crypto services shifting to the BBrasil entity.

Under Resolution BCB 520 and Normative Instruction 704, Oct. 30 is the last day for crypto companies already active in Brazil to apply; those that do can stay open for business while their requests are pending. Resolution 520 and its companion rules, 519 and 521, are dated Nov. 10, 2025.

Starting Nov. 6, financial institutions, payment institutions and other BCB-authorized firms are barred from crypto transactions whose counterparty is an unauthorized service provider, under Resolution BCB 589.

Brazil is not the only market where Binance’s footing is under review. European regulators have been questioning its reliance on the reverse solicitation exemption in the EU.

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