BINANCE IN BRAZIL: WHAT’S REALLY CHANGING (Part 1)
From now on, the local operation will be split between two companies in the group.
The account in reais is being transferred to Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A. (formerly Sim;paul), CNPJ 68.757.681/0001-70, authorized by the Central Bank. There is no opening fee. For now, Pix transfers will still be allowed only between accounts with the same account holder. Binance says it will later launch the Pix Area, allowing payments to and from third parties.
Crypto services will be provided by BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., CNPJ 68.627.500/0001-91.
Custody remains with Nest Clearing and Custody (Abu Dhabi), as permitted by Resolution 520. Deposit addresses will not change. KYC does not need to be done again. Transaction history will remain exportable.
Binance says assets remain protected and that the way users operate on the app and website will not change.
TIMELINE...
October 27: eight products will be restricted and 22 tokens will be removed from trading for residents of Brazil.
October 29: deadline for the local payment account to be active.
November 1: international crypto withdrawals and deposits will require the purpose of the transfer and identification of the sender or recipient. This is not the Travel Rule.
The Travel Rule in Brazil is scheduled for 2027 and 2028.
What will be removed from the Brazilian lineup on 10/27
Loans, Binance Pool, Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0.
Anyone with Loans will only be able to repay from that date onward, with no fees or penalties. Any remaining balance will be returned to Spot.
Anyone with Margin positions can keep them open, but cannot place new orders, transfer funds, or borrow more. No deadline has been set for forced closure.
Derivatives, including Futures, cannot be offered to residents of Brazil. Anyone who wants to continue can access them only through a separate international Binance account in Abu Dhabi (ADGM), at their own initiative. Anyone who does not migrate their position will be in reduce-only mode: they can close or reduce positions, but cannot open new ones.
To be continued...
From now on, the local operation will be split between two companies in the group.
The account in reais is being transferred to Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A. (formerly Sim;paul), CNPJ 68.757.681/0001-70, authorized by the Central Bank. There is no opening fee. For now, Pix transfers will still be allowed only between accounts with the same account holder. Binance says it will later launch the Pix Area, allowing payments to and from third parties.
Crypto services will be provided by BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., CNPJ 68.627.500/0001-91.
Custody remains with Nest Clearing and Custody (Abu Dhabi), as permitted by Resolution 520. Deposit addresses will not change. KYC does not need to be done again. Transaction history will remain exportable.
Binance says assets remain protected and that the way users operate on the app and website will not change.
TIMELINE...
October 27: eight products will be restricted and 22 tokens will be removed from trading for residents of Brazil.
October 29: deadline for the local payment account to be active.
November 1: international crypto withdrawals and deposits will require the purpose of the transfer and identification of the sender or recipient. This is not the Travel Rule.
The Travel Rule in Brazil is scheduled for 2027 and 2028.
What will be removed from the Brazilian lineup on 10/27
Loans, Binance Pool, Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0.
Anyone with Loans will only be able to repay from that date onward, with no fees or penalties. Any remaining balance will be returned to Spot.
Anyone with Margin positions can keep them open, but cannot place new orders, transfer funds, or borrow more. No deadline has been set for forced closure.
Derivatives, including Futures, cannot be offered to residents of Brazil. Anyone who wants to continue can access them only through a separate international Binance account in Abu Dhabi (ADGM), at their own initiative. Anyone who does not migrate their position will be in reduce-only mode: they can close or reduce positions, but cannot open new ones.
To be continued...