Binance will restrict eight products and services and delist 22 tokens for users in Brazil from October 27 as it restructures its local operations to comply with Central Bank regulations.
The changes also move customers’ Brazilian-real operations to a locally authorized payment account, while new reporting requirements for international crypto transfers take effect on November 1.
Binance Sets October 27 Deadline for Product Restrictions
In an announcement published on October 8, Binance Brasil explained that customers in Brazil will have individual payment accounts with Binance Brasil Corretora de Câmbio e Valores Mobiliários SA by October 29.
Virtual asset services will be provided by BBrasil Sociedade Prestadora de Serviços de Ativos Virtuais Ltda., another company in the Binance Group. The exchange listed eight services that will be restricted from October 27: Loans, Binance Pool. Cloud Mining, Margin, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0.
Users with existing positions in affected products will generally be able to close or reduce them and transfer remaining balances to their Spot accounts, but they will not be able to open new positions. Binance also listed 22 tokens for delisting in Brazil: XVG, USDE, USTC, DCR, DUSK, PIVX, BB, MANTRA, ONE, GMT, TFUEL, ZIL, ONT, RVN, ACX, HIT, PYR, VANRY, VIC, ICX, SCRT and STORJ.
Trading will remain available until October 27. After that, holders can withdraw or reinvest their remaining balances. The exchange added that bStocks will remain restricted.
The changes do not require customers to repeat identity verification, although users with outdated registration details may be asked to update them. Furthermore, deposit addresses for crypto assets will remain unchanged, and Binance says transaction histories from before and after migration will still be available.
Futures users face a separate decision, with customers who already have an international account with Binance’s Abu Dhabi entity being able to choose to move existing futures positions there. Otherwise, those positions will switch to reduce-only mode in the Brazilian account.
Binance also cautioned that crypto derivatives traded through the overseas entity are not regulated by Brazil’s Central Bank or securities regulator, the CVM.
International Transfers Face New Reporting Rules
A separate change begins November 1, with Binance explaining in an October 2 FAQ that users sending crypto abroad or receiving it from overseas must provide the transfer’s purpose and confirm details about the other party.
Binance will report the information to Brazil’s Central Bank monthly, and withdrawals cannot proceed until the required details are submitted, while incoming transfers may remain pending.
The October 8 announcement also confirms that Brazilian residents must migrate to the local service if they want to keep using Binance. Customers who do not want to migrate can withdraw their assets and end their relationship with the exchange before October 27, while users based outside the country with valid proof of residence will stay on the global platform.
The post Binance to Restrict 8 Services and Delist 22 Tokens in Brazil appeared first on CryptoPotato.
Source: https://cryptopotato.com/binance-to-restrict-8-services-and-delist-22-tokens-in-brazil/
