Swapo Finance files SPSAV application with Central Bank, joining Binance, Mercado Bitcoin, Itaú and Nubank

São Paulo, October 29, 2026 — Swapo Finance filed with the Central Bank of Brazil (BCB) its application for authorization to operate as a Virtual Asset Service Provider (SPSAV), intermediary category. The filing came one day before the end of the 270-day period set by BCB Resolution No. 520/2025, the October 30 deadline that redrew Brazil's crypto market.

With this, Swapo appears on the same list as the world's largest exchanges — Binance, Coinbase, Bybit, OKX, Bitget and Kraken —, the main Brazilian platforms — Mercado Bitcoin, Foxbit and Ripio — and the country's biggest banks: Itaú, Nubank, Bradesco, BTG Pactual and Banco Inter. Surveys by BitNotícias and Cainvest's monitor counted 38 open applications on October 29 and more than 60 by the end of the deadline on October 30.

Swapo's filing with the Central Bank

10/29

Transition days since 02/02/2026, when the resolutions took effect

270

License applications identified at the end of the deadline (BitNotícias, 10/30)

60+

Applications the Central Bank expected to receive

100–150

What the PSAV license is, and why October 30 became the most important date in Brazilian crypto

Law 14,478/2022 created the legal framework for virtual assets and gave the Central Bank the job of regulating the companies that provide these services. In November 2025, the BCB published three resolutions that turned the law into operating rules. They took effect on February 2, 2026, and gave companies already operating 270 days to apply for authorization:

Companies that were already operating and did not file by October 30 must end their virtual asset services within 30 days (art. 88, § 7, of BCB Resolution 520). And the net closes fast: from November 6, 2026, banks and payment institutions are barred from carrying out or enabling operations with unauthorized providers, except in the ways expressly provided for in BCB Resolution 520 (art. 91, as amended by BCB Resolution 589/2026). Exchanges such as Coinext, NovaDAX and Digitra.com have already announced the end of their crypto operations in Brazil.

Who is on the list alongside Swapo

October concentrated the applications of the sector's largest companies. Swapo joins this list as an intermediary specialized in a single flow: Pix, Brazil's instant payment system, converted into USDT that reaches the supplier's wallet abroad.

The crypto license race, day by day

1. 02/02/2026BCB Resolutions 519, 520 and 521 take effect (part of 521 only on 05/04/2026). The 270-day count begins for companies already operating.
2. 09/18/2026With 40 days to go, the Central Bank had received only five applications, one of them denied.
3. 10/23/2026Binance files through BBrasil SPSAV and splits its operation into two companies.
4. 10/27/2026Mercado Bitcoin files; Itaú notifies the BCB that it will act as a PSAV in the brokerage category.
5. 10/28–29/2026Foxbit, Coinbase, Ripple and Nubank join the queue. Swapo Finance files on 10/29.
6. 10/30/2026Deadline ends. Bitget, Kraken, Bradesco and BTG Pactual confirm applications; surveys total more than 60.
7. 11/06/2026Banks and payment institutions are barred from enabling operations with unauthorized providers, except in the ways provided for in BCB Resolution 520 (as amended by BCB Resolution 589/2026).

Regulation is not an obstacle. It is what separates those who came to stay from those who came to pass through.

Swapo editorial team

What changes for those who pay overseas suppliers with Swapo

While the big exchanges compete for retail investors, Swapo was built for a specific problem: the Brazilian importer who needs to pay a supplier in China, the United States or Europe without waiting three days for a traditional foreign exchange transaction. Filing the application means this service takes on commitments the Central Bank can verify — and many of them are already live:

There is one more detail that Resolution 520 requires and few meet: regulatory status must be visible on the website and in the app. At Swapo it appears in the footer and in the regulation section, with the filing date and the caveat that filing is not authorization.

Next steps

Filing is not authorization. The Central Bank reviews each application in two phases, may request additional documents and only then decides; the resolutions set no deadline for the decision. Until then, Swapo continues providing its services under the transition regime of art. 88, § 6, of Resolution 520 and publishes each step on the transparency page.

1. Done · 10/29/2026Application filed with the Central Bank
2. In progressBCB evaluation process and any additional requirements
3. NextCentral Bank decision and publication of the authorization act
4. LaterPublication of the independent audit report

The message for the Brazilian importer is simple: paying an overseas supplier with Pix converted into USDT is no longer a gamble but a regulated service. Swapo chose to be on this side of the line from day one — in the same queue as Binance, Mercado Bitcoin, Itaú and Nubank.

• SPSAV
• Central Bank
• Regulation
• BCB Resolution 520
• Exchanges
• USDT
• Pix
• International payments