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Coinbase files for Brazil crypto license ahead of central bank deadline

Coinbase files for Brazil crypto license ahead of central bank deadline

The US exchange submitted its VASP application days before Brazil's October 30 cutoff and expects to keep serving local customers during the review

by John Chen

3 min read

In Technology

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Coinbase Global, Inc. (COIN) price

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Market cap
$42.5B (shares as of 2026-09-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −2.53 for 2025-10-01 to 2026-09-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 29, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 29, 2026 · tokenized COINx $161$42.5BNot meaningfulLoss, diluted EPS −2.53
to 2026-09-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 29, 2026 · tokenized MSTRx $142UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 29, 2026 · tokenized CRCLx $80Unavailable16.0Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 29, 2026 · tokenized BMNRx $22$13.1BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 30, 2026, 8:51 AM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase has filed to become a licensed crypto service provider in Brazil, with only days to spare. The US-based exchange sent its application to the Central Bank of Brazil on Wednesday, ahead of a Friday, October 30 deadline.

What Coinbase filed and why the date matters

The application falls under Brazil’s virtual asset service provider (VASP) framework, which the country formally calls SPSAV. Coinbase confirmed the filing in a statement shared with Cointelegraph.

The rules come from three central bank resolutions: Resolutions 519, 520, and 521. All three took effect on February 2, 2026.

That framework set up a simple deal for companies already operating in Brazil. Submit an application by October 30, 2026, and you can keep serving customers while the Central Bank of Brazil reviews your paperwork.

Operators that do not file must stop operating within 30 days from October 30, 2026.

Coinbase says it expects to keep its current services running while regulators evaluate the application.

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A late but deliberate move

As of early-to-mid October 2026, central bank data did not list the exchange among the confirmed filings.

Fábio Plein, Coinbase’s regional director for the Americas, framed the application as evidence of the company’s long-term commitment to Brazil. He pointed to ongoing work to adapt the business to local rules.

Plein also signaled that Coinbase could expand its services in the country down the road. That expansion, however, depends on how the compliance process plays out.

Coinbase is not alone in the late-October scramble. Other platforms, including Binance, also submitted applications within the same window.

Brazil’s shift from open field to licensed market

Brazil’s new regime marks a clear change in how the country handles digital assets. For years, crypto platforms could serve Brazilian users without a dedicated central bank license.

The February 2026 resolutions changed that arrangement. Crypto service providers now fall under direct supervision by the Central Bank of Brazil, the same institution that oversees the country’s traditional financial system.

The transition window gave incumbents roughly nine months, from early February to the end of October, to get their applications in. The 30-day wind-down rule for non-filers adds real teeth to the process.

What this means for exchanges and users

For Coinbase, the filing keeps a door open in one of Latin America’s most closely watched crypto markets. Missing the deadline would have forced it to shut down Brazilian operations within a month.

Plein’s comments hint at that dynamic. Any service expansion is tied to compliance results, which suggests the company is waiting to see what the regulator signs off on before committing to more.

For Brazilian users, the immediate effect should be minimal. Coinbase customers can expect existing services to continue during the review period, based on the company’s own statement.

Platforms that failed to file face a much harder road. Under the rules, they must wind down Brazilian operations within 30 days of the October 30 cutoff.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.

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