Key facts
- Coinbase applied for a crypto service provider license in Brazil.
- The application was submitted to the Central Bank of Brazil on Wednesday.
- Coinbase expects no disruption to its existing services during the review.
Coinbase has applied for authorization to operate as a crypto service provider in Brazil ahead of the country’s license application deadline on Friday. The US-based cryptocurrency exchange submitted its application to the Central Bank of Brazil on Wednesday under the country’s virtual asset service provider (VASP) framework. The filing aims to maintain Coinbase’s existing Brazilian operations as the central bank introduces new requirements covering governance, customer asset safeguards and compliance. Coinbase also reiterated plans to bring its “Everything Exchange” strategy to Brazil, potentially expanding into foreign exchange and payments alongside crypto services, though those activities require separate regulatory authorizations. Binance applied for authorization on Oct. 23 but has restricted crypto lending, margin trading and other services in Brazil while delisting 22 crypto assets to comply with the new rules. Brazil requires existing crypto service providers to apply for authorization by the end of October to continue operating under transitional arrangements.