BCB Resolution 589: From Nov. 6, Banks Cannot Support Operations With Crypto Providers Lacking Authorization
The September 23 rule removed from Article 91 the carve-out for providers "in the authorization process" and moved the ban to November 6. Here is what the official text says and what customers should check.
Historical reference: October 13, 2026. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- BCB Resolution 589 rewrote Article 91 of Resolution 520: from November 6, 2026, banks and payment institutions may not carry out or enable operations with virtual asset service providers that are not authorized.
- The original text spared providers "in the authorization process." The new wording dropped that carve-out: by the letter of the rule, having filed an application is not enough to keep working with banks.
- Article 88 did not change: providers that apply for authorization by October 30 may keep their services until the Central Bank decides. The rule does not explain how this fits with the ban on banks.
- BCB Resolution 591, which replaced Resolution 588, requires reporting to Coaf (Brazil's financial intelligence unit) transfers of US$10,000 or more to or from self-custody wallets.
São Paulo, October 13, 2026 — There are 17 days left until the deadline for authorization applications to the Central Bank of Brazil (BCB), and 24 days until the financial system begins to close its doors to virtual asset service providers without authorization. BCB Resolution 589, dated September 23 and published in the Federal Official Gazette (Diário Oficial da União) on September 25, 2026, rewrote Article 91 of BCB Resolution 520 and set November 6, 2026 as the first day of the ban. The change affects anyone who uses a provider to buy USDT or pay a supplier, because the bank that moves the money in reais becomes subject to the rule.
What Resolution 589 says
The original wording of Article 91 of Resolution 520, from November 10, 2025, barred financial and payment institutions, starting October 30, 2026, from carrying out or enabling operations with virtual asset service providers that were not "authorized or in the authorization process." Resolution 589 changed both the date and the scope. This is the new wording, in force since October 1:
Starting November 6, 2026, financial institutions, payment institutions and other institutions authorized to operate by the Central Bank of Brazil are prohibited from carrying out or enabling operations in the virtual asset market whose counterparties are institutions or entities that provide virtual asset services and are not authorized to operate in the country by this Authority, except in the forms expressly authorized in this Resolution.
BCB Resolution 520, Art. 91, as worded by BCB Resolution 589/2026
| Point | Original wording (520/2025) | Wording of 589/2026 |
|---|---|---|
| Start of the ban | October 30, 2026 | November 6, 2026 |
| Who is barred | Financial institutions, payment institutions and others authorized by the BCB | Same |
| Counterparties covered | Providers that are not "authorized or in the authorization process" | Providers that "are not authorized to operate in the country" |
| Provider that only filed its application | Outside the ban | No longer excluded by the text; escapes only in the forms expressly authorized in Resolution 520 |
| When the change takes effect | — | October 1, 2026 for Article 91; January 1, 2027 for the other points of 589 |
The sole paragraph of Article 91, which Resolution 589 did not change, lists what the ban covers: trading, intermediation and custody of virtual assets, carrying out and intermediating foreign exchange operations, opening and maintaining payment accounts and carrying out payment transactions, among other acts, when done to enable those operations. The other points of 589, which apply in 2027, deal with sending information to the BCB (Article 88, III, and new Articles 90-A and 90-B).
The original wording left providers "in the authorization process" outside the ban. The wording of Resolution 589 has no such carve-out: from November 6, the prohibition reaches every provider not authorized to operate in the country, except in the forms expressly authorized in Resolution 520. Summaries that still say "authorized or in the authorization process" describe the old text. The sources consulted contain no BCB guidance on how banks should treat providers awaiting a decision.
What still applies from Resolution 520
Resolution 589 does not touch paragraphs 6 and 7 of Article 88. Companies that were already operating have until October 30 to apply for authorization. Those that file on time may keep the service until the process ends, without taking on another business model (paragraph 6), and those that do not file must stop providing services within 30 days after the deadline (paragraph 7).
The two articles deal with different relationships. Article 88 governs the provider's relationship with the Central Bank; Article 91 governs the banks' relationship with the provider. Under the new wording, a provider that filed its application can still offer the service under Article 88, but banks are barred by Article 91 from enabling operations with it until it is authorized, except in the forms Resolution 520 expressly allows. The rule does not say what those forms would be for a provider awaiting a decision.
The overview of applications is in the BCB had only five applications 40 days before the deadline, and what to do about balances on platforms that announced their exit is in Coinext, NovaDAX and Digitra.com end retail crypto.
- 11/10/2025BCB Resolutions 519, 520 and 521 are published.
- 02/02/2026The resolutions take effect and the 270-day count begins.
- 09/23/2026The BCB issues Resolutions 588 (reports to Coaf) and 589 (Art. 91). Published in the Official Gazette on 09/25.
- 09/30/2026Resolution 591 revokes 588 and reissues the Coaf reporting rule (extra Official Gazette edition of 10/01).
- 10/01/2026The new wording of Article 91 and Resolution 591 take effect.
- 10/30/2026Deadline for providers already operating to apply for authorization.
- 11/06/2026The Article 91 ban begins for banks, payment institutions and others authorized.
What this means for customers
The rule does not bar customers from using an unauthorized provider. It bars banks and payment institutions from carrying out or enabling that provider's operations, including accounts and payment transactions. In practice, the Pix transfers (Brazil's instant payment system) and the payment account behind a USDT purchase may stop working for a provider that is not authorized, even if it has filed its application. How each bank will apply the rule is not detailed in the sources consulted.
- Ask about regulatory status. Ask the company to say whether it is authorized or has only filed an application, and when, and how its banks will treat its account after November 6.
- Avoid large transactions close to November 6. A supplier payment that depends on an unauthorized provider may get stuck at the bank midway.
- Keep more than one way to pay. For urgent payments, the traditional alternative remains foreign exchange through an authorized bank or broker.
- Review balances on platforms. If the platform did not apply for authorization, follow the withdrawal schedule it published.
- Record everything. Keep receipts and hashes for each transaction, because you may need to reconstruct the path of the money.
Self-custody and Coaf: the rule that came along
BCB Resolution 588, issued the same day as 589, added to the operations that institutions report to Coaf the transfers of virtual assets to or from self-custody wallets worth the equivalent of US$10,000 or more. A week later, BCB Resolution 591, dated September 30, revoked 588 and repeated the rule, in force since October 1, with one adjustment: operations contracted between October 1 and December 31, 2026 are reported on the first business day of January 2027. Self-custody remains allowed; the rule increases traceability, in line with Resolution 521's requirement to identify the wallet owner. The details of foreign exchange with virtual assets are in Resolution 521 in detail.
Frequently asked questions
What changes on November 6, 2026 for people who buy crypto in Brazil?
Banks, payment institutions and other institutions authorized by the Central Bank are barred from carrying out or enabling virtual asset market operations with providers that are not authorized to operate in the country. Customers remain free to use the provider, but its banking route may be shut.
Does Resolution 589 ban self-custody or P2P?
No. Article 91 covers authorized institutions that deal with unauthorized providers. Self-custody remains allowed, and Resolution 591, which replaced 588, only requires reporting to Coaf transfers of US$10,000 or more to or from self-custody wallets.
Can a company that filed its authorization application work with banks after November 6?
By the letter of the new wording of Article 91, filing is not enough: the ban reaches every provider not authorized to operate in the country, except in the forms expressly authorized by Resolution 520. Article 88 still lets providers that filed on time keep their services until the decision, but the rule does not explain how this fits with the ban on banks. Ask the company and your bank.
How can I tell whether a virtual asset service provider is authorized?
Check the information the company itself publishes on its website and app, as Resolution 520 requires, and compare it with what the Central Bank publishes about authorized institutions and those in the authorization process. Be wary of any company that does not disclose it or that promises authorization.
Found it useful? Share it with anyone who pays suppliers abroad.
Sources
- Resolução BCB nº 589, de 23 de setembro de 2026 · Banco Central do Brasil, Sep 23, 2026
- Resolução BCB nº 520, de 10 de novembro de 2025 (arts. 88 e 91, texto atualizado) · Banco Central do Brasil, Nov 10, 2025
- Resolução BCB nº 588, de 23 de setembro de 2026 (revogada) · Banco Central do Brasil, Sep 23, 2026
- Resolução BCB nº 591, de 30 de setembro de 2026 · Banco Central do Brasil, Sep 30, 2026
- Prazo do BC aperta cerco sobre ativos virtuais · Capital Aberto, Oct 7, 2026
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