Binance to Delist 22 Tokens in Brazil

Binance Delists 22 Tokens for Brazilian Customers

Delisting of 22 Tokens

Binance, a top cryptocurrency exchange, has decided to delist 22 cryptocurrencies for Brazilian customers. The exchange titan will halt trading services for 22 tokens for Brazilian residents, effective October 27. The affected tokens include Verge (XVG), Ethena USDe (USDE), TerraClassicUSD (USTC), Decred (DCR), Dusk (DUSK), PIVX (PIVX), MANTRA, Harmony (ONE), Ravencoin (RVN), Zilliqa (ZIL), and Secret (SCRT).

Other Tokens to be Delisted

Other tokens to be delisted are BB, GMT, TFUEL, ONT, ACX, HIT, PYR, VANRY, VIC, ICX, and STORJ. It is important to note that the delistings are only for Brazilian users, not global Binance customers. However, until October 27, users will be able to trade the delisted tokens. After that, their balances will remain in their accounts. Users can still withdraw and reinvest in them.

Restrictions on Services

Binance will also put some restrictions on access to eight products and services in Brazil, effective October 27. The restricted services and products are Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops and Alpha 2.0. Binance will restrict new positions in the above products and services from being opened. Existing loans will be switched to a repayment-only status. This will ensure that clients can pay off their outstanding debt without further repercussions due to the transition.

Migrations to Local Entities

Binance is set to migrate Brazilian customers to local entities created by the company's group, effective October 29. The restrictions come shortly after Binance introduced further compliance measures for international crypto transfers for Brazilian customers. As reported by U.Today, the crypto exchange will start asking users to share information about the purpose and the counterparties for their international transfers, effective November 1. It will not be possible for international cryptocurrency withdrawals to take place without sharing the necessary information. Moreover, the exchange might not complete incoming transfers until the recipient fills out the necessary verification information.