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 Oct. 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 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 Oct. 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.
Eight Binance services to be restricted
Binance will also put some restrictions on access to eight products and services in Brazil, effective Oct. 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.
Additionally, Binance is set to migrate Brazilian customers to local entities created by the company's group, effective Oct. 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 Nov. 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.