Ripio filed an authorization request with the Central Bank of Brazil to operate as a virtual asset service provider and foreign exchange business. The Argentine crypto exchange has served Brazilian customers since 2015. It submitted the request on October 27, three days before the regulatory deadline.
Regulatory timeline
Brazil requires crypto firms to seek authorization by October 30. Companies that miss the date can lose the right to operate and be treated as irregular. Ripio said it will complete any adjustments needed to keep operating in the country.
Service changes
The company previously told customers that Brazilian real balances would convert automatically to its wBRL stablecoin after October 30. It also removed 37 cryptocurrencies from its app. Users can still convert wBRL to reais and withdraw through Pix via Banco Genial.
Ripio Trade transition
Ripio Trade will pause Pix deposits and trading on October 29. The current platform version closes on November 30. Remaining balances will be transferred to Ripio Wallet.
The filing brings the count of publicly identified applicants to at least 14. Ripio can continue operating while the central bank reviews its application. Final authorization is not automatic.
Read more: launchpad.ripio.com