Binance and Itau File for Crypto Licenses in Brazil as Rivals Exit

Prominent crypto exchange Binance and Brazil’s top bank Itaú have formalized their requests to become virtual asset service providers. The request comes as service providers have until October 30 to submit these documents and keep operating while the bank reviews their applications. Brazil’s largest institutions are rushing to get licensed and enter the digital assets market before October 30, a central bank-established deadline. Binance, the world’s largest cryptocurrency exchange, and Itaú, Brazil’s largest financial institution, both recently formalized their requests to become regulated virtual asset service providers in Brazil.