In a decisive move affecting its Brazilian customers, Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of 22 digital assets from its platform, effective October 27. This decision specifically targets users residing in Brazil, leaving the global customer base unaffected.
Details of the Delisted Assets and Transaction Timeline
The assets scheduled for delisting include Verge, Ethena USDe, TerraClassicUSD, Decred, Dusk, PIVX, MANTRA, Harmony, Ravencoin, Zilliqa, and Secret. Besides these, BB, GMT, TFUEL, ONT, ACX, HIT, PYR, VANRY, VIC, ICX, and STORJ are also listed for removal. Binance has clarified that trading in these digital currencies will remain active until the specified date, after which balances will remain visible in user accounts, allowing customers to withdraw or re-evaluate their holdings.
“Binance will allow trading in these assets until October 27, after which balances will remain in accounts,” the platform announced.
Following this deadline, users’ accounts will continue to display their existing balances, providing them with the opportunity to manage their investments by withdrawing funds or contemplating other options.
Additional Restrictions on Services Implemented
In addition to the asset delisting, Binance will impose restrictions on eight of its services and products in Brazil from the same date. These include Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and the Alpha 2.0 feature. As part of its ongoing commitment to comply with local regulations, Binance frequently updates its offerings in response to evolving legal environments across the globe.
The exchange has announced that the creation of new positions in these areas will cease, and existing loans will transition to a repayment-only status, allowing customers to settle their outstanding debts without incurring further liabilities.
“Existing loans will be made repayable only, enabling customers to conclude their obligations during the transition,” Binance stated.
Transition to a Local Structure and New Transfer Regulations
Starting October 29, Binance plans to transfer Brazilian users to a locally formed corporate structure within its group. This strategic adjustment seeks to align its operations more closely with local regulatory frameworks, marking a significant evolution in its business operations in the country.
The recent measures coincide with additional compliance requirements introduced for international crypto transfers. Beginning November 1, Binance will require information on the purpose and counterparties of such transfers from its Brazilian customers.
Without the necessary information, international cryptocurrency withdrawals will not be processed. Similarly, for incoming transfers, transactions may be halted if the recipient’s verification information is not completed.
