Ripio, one of the largest cryptocurrency exchanges in Latin America, announced on Tuesday (27) that it has filed its application for authorisation to continue operating in Brazil with the Banco Central do Brasil, Brazil's central bank. The request comes three days before the regulatory deadline and follows the company's announcement of major changes for Brazilian customers, including the closure of accounts holding balances directly in reais and the removal of dozens of cryptocurrencies from its platform.
The application was filed under the virtual asset exchange category, which allows for intermediation and custody of cryptocurrencies. Ripio also requested authorisation to operate in the foreign exchange market, widening the scope for offering financial services linked to digital assets.
The Argentine-founded company has operated in Brazil since 2015 and said it would continue serving its customers throughout the process of adapting to the new rules.
"Ripio has prioritised the Brazilian market since 2015, when it decided to expand into the country. Whatever adjustments are needed to keep operating under the country's rules, we will make them," said Sebastian Serrano, CEO of Ripio, in a statement.
Filing the application, however, does not mean the exchange has already received a licence from the central bank. The request still depends on the regulator's review, which will assess compliance with the requirements set for the sector.
Read also: Brazil's central bank publishes new rules for cryptocurrency exchanges; here's what changes
The new rules, published in November 2025, set out requirements covering minimum capital, governance, internal controls, cybersecurity, custody and anti-money-laundering measures.
The deadline for companies already operating in the country to submit the first stage of their authorisation requests ends this Friday (30). Institutions that meet the conditions of the transition regime will be able to keep operating while they await the central bank's review.
Ripio joins other major exchanges that have announced similar applications in recent days, including Mercado Bitcoin, Binance, Bybit and OKX. At the same time, companies such as Revolut, Coinext and NovaDAX have announced the suspension or closure of cryptocurrency services in the country.
Ripio announced the end of real-denominated accounts and the removal of 37 cryptocurrencies
The authorisation request comes just over a month after Ripio announced a reorganisation of its services in Brazil.
In September, the exchange told customers that, from 30 October, it would stop holding balances directly in reais on its platform. Under the change, amounts deposited in Brazilian currency are automatically converted, at no cost, into the wBRL stablecoin.
The asset is issued by Ripio itself and aims to maintain a 1:1 peg with the real. According to the company, the stablecoin is fully backed by reserves held at regulated financial institutions.
This means that, instead of holding a traditional real balance on the platform, users will hold a balance denominated in wBRL, representing the corresponding amount digitally.
The change does not mean the end of withdrawals in reais. According to the notice sent to customers, it will still be possible to convert wBRL back into Brazilian currency and transfer the funds via Pix, Brazil's instant payment system, to a bank account held in the same name, through Banco Genial.
Ripio has not publicly confirmed that this change was directly driven by the central bank's new regulation, although its implementation is scheduled for the same date the regulatory deadline expires.
The company also announced the removal of 37 cryptocurrencies from its app, including DAI, PYUSD, RLUSD, SUI, ONDO and XAUT.
Customers had until Monday (26) to sell or transfer these assets. According to the exchange's notice, remaining balances would be automatically converted into USDC, a dollar-pegged stablecoin, at market price.
Another change concerns Ripio Trade, the company's platform for cryptocurrency trading. The company said deposits via Pix and trading would be halted on 29 October, while the current version of the service is set to close on 30 November. Remaining balances are to be transferred to the Ripio Wallet, in line with the instructions sent to customers.
The changes show that applying for authorisation to continue operating in Brazil does not necessarily mean all previously offered products will be retained.
Ripio may continue adapting its structure and services while it awaits the central bank's decision; no timeline for completing the review has yet been announced.
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