Binance Drops the Axe: 22 Tokens Delisted in Brazil, Market Shakes
Binance is implementing significant operational changes for its Brazilian customers, including the delisting of 22 cryptocurrencies and restricting eight services, effective late October. These moves are part of a broader migration to local entities and follow new compliance requirements for international crypto transfers. Brazilian users will face new protocols for trading, loans, and international transactions.
Binance, a leading cryptocurrency exchange, has announced significant changes for its Brazilian clientele, including the delisting of 22 cryptocurrencies and the restriction of several services, all effective in late October. These measures are exclusively for Brazilian users, not impacting global Binance customers.
Effective October 27, Binance will halt trading services for 22 specific tokens for residents of Brazil. The list of affected cryptocurrencies includes Verge (XVG), Ethena USDe (USDE), TerraClassicUSD (USTC), Decred (DCR), Dusk (DUSK), PIVX (PIVX), MANTRA, Harmony (ONE), Ravencoin (RVN), Zilliqa (ZIL), Secret (SCRT), BB, GMT, TFUEL, ONT, ACX, HIT, PYR, VANRY, VIC, ICX, and STORJ. While trading will cease on this date, users will still have access to their balances and retain the ability to withdraw and reinvest these delisted tokens.
In addition to the delistings, Binance will impose restrictions on access to eight of its products and services for Brazilian users, also commencing October 27. The restricted services include Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0. For these affected products, opening new positions will be prohibited. Furthermore, existing loans will transition to a repayment-only status, ensuring clients can settle their outstanding debts without further complications due to the change.
Further operational adjustments are scheduled, with Binance planning to migrate its Brazilian customers to local entities established by the company's group, effective October 29. These restrictions and migrations follow closely on the heels of Binance's recent introduction of enhanced compliance measures for international crypto transfers for its Brazilian users. Starting November 1, the exchange will mandate users to provide detailed information regarding the purpose and counterparties for their international transfers. Without this necessary information, international cryptocurrency withdrawals will not be processed. Moreover, incoming transfers may face delays if the recipient fails to complete the required verification information.