Binance in Brazil, a week before the deadline: application submitted to the Central Bank on October 23. Too early to celebrate.
Filing ≠ license. It’s just a ticket to avoid shutting down on October 30, because anyone who missed the deadline has to wind down operations. No one’s granted approval yet.
And they’ve already handed over the bill for that ticket. Starting October 27, Brazilian users lose access to 22 tokens, margin trading, loans, Launchpool, and HODLer Airdrops. Everything that earns money or feeds the gambling habit is on the chopping block.
And look where they’re turning. Binance’s head in Brazil, Thiago Sarandy, says the exchange wants to offer more products than any bank. He’s also complaining about the timeline: exchanges were given just 270 days to get ready, while payment institutions got five years in total.
It’s even tougher for the smaller players. The industry’s estimate is that fewer than 10% of providers will submit an application; the rest will simply disappear from the scene.
My benchmark is whether any of those 22 tokens come back after approval. For now—GG to Brazil’s farmers.
#Binance #Regulation