Coinbase Launches DEX Trading in Brazil later than New Central Bank Rules

What Is Coinbase Rolling Out for Brazilian Users?

Coinbase is expanding its decentralized platform (DEX) trading feature to users in Brazil, giving them in-app access to a much wider universe of tokens routed through DeFi platforms such as Uniswap and Aerodrome. The rollout comes just days later than Brazil’s central bank published sweeping new rules for crypto service providers.

Until now, Brazilian users mostly interacted with Coinbase’s centralized spot markets. With the new feature, they can tap into a far larger pool of assets, going from a few hundred listed tokens to potentially millions of on-chain pairs, without leaving the Coinbase app. Trades are executed through a built-in self-custody wallet and routed to under the hood.

Coinbase already offers similar DEX access in the United States as part of its push toward an “everything app” model that bundles trading, staking, DeFi access and payments into a single interface. Extending that model to Brazil puts one of Latin America’s most dynamic crypto markets on the identical footing as U.S. users when it comes to on-chain token access.

The company highlighted that users will not pay network fees when using the new DEX feature, which removes a common friction point for smaller trades and first-time DeFi users.

Investor Takeaway

How Does the DEX Feature Work and What Risks Does It Filter Out?

The Brazilian rollout keeps users inside the Coinbase app while surfacing liquidity from external protocols. Instead of connecting directly to Uniswap, Aerodrome or other decentralized platforms, users interact with a Coinbase interface that handles routing and transaction construction in the background.

Key elements of the setup include:

• Self-custody by default. Users manage trades through an embedded self-custody wallet, retaining control of their keys instead of leaving assets in a centralized account.
• No network fees for users. Coinbase absorbs the network fees, which makes DEX usage more attractive for smaller ticket sizes and frequent trading.
• Curated risk filters. Assets flagged by a third-party vendor as confirmed malicious or fraudulent will not be available through the interface, even if they exist on-chain.

At the identical time, Coinbase is clear about where its responsibility stops. The company notes that it does not review all of the access provided via DEX integrations and that users are still interacting with third-party protocols under the hood. That balance lets Coinbase offer a securer entry point into DeFi without taking full responsibility for the long tail of tokens and contracts that can appear on-chain.

The feature could be especially attractive for traders viewking quick access to newly issued Base-native tokens, which can appear on decentralized venues long before they reach centralized order books.

How Do Brazil’s New Rules Shape Coinbase’s Strategy?

The timing of the launch is not accidental. Earlier this month, Brazil’s central bank introduced a detailed framework for . The rules require firms to:

• obtain a local license if they serve Brazilian users
• report
• meet capital thresholds of up to 7 million dollars, depending on activity

Crypto businesses have nine months to comply. The framework brings crypto activity under Brazil’s foreign platform and capital markets rules, creating a formal link between digital assets and the country’s broader financial system.

Foreign platforms such as Coinbase that serve Brazilian customers must either set up a local entity or risk being blocked. While Coinbase’s new DEX feature is non-custodial by design, parts of the rulebook still touch it. Self-custody wallets fall within the central bank’s scope when they are used for international transfers, which are now subject to .

That leaves Coinbase threading a careful line:

• On one side, it wants to offer deeper DeFi access and keep power in the user’s wallet.
• On the other, it must respect Brazil’s new licensing and reporting standards, including for cross-border flows routed via self-custody tools.

In effect, the firm is betting that regulators will accept a model where non-custodial services coexist with tight oversight of payment flows and local entities.

Investor Takeaway

What Does This Mean for DeFi Adoption and Coinbase’s “Everything App” Vision?

For Brazil’s crypto traders, the change means they can move from centralized spot pairs to on-chain assets in a single tap, backed by a brand they already know. That lowers the barrier to experimenting with Base-native tokens and other DeFi assets that never reach traditional order books.

For Coinbase, every DEX trade executed inside its app is another step away from being viewn purely as a centralized platform and closer to a multi-service crypto hub. More on-chain activity routed through Coinbase strengthens its network effect, even when the company is not warehousing customer funds.

For regulators, Brazil offers a live view of non-custodial crypto usage at scale under a clear legal framework. If the model works — with strong reporting, reduced scams and manageable capital controls — other jurisdictions may follow a similar path, blending tight oversight with on-chain access rather than trying to push DeFi entirely offshore.

The stakes are larger than one feature rollout. Brazil is one of Latin America’s key , and how Coinbase operates there will assist define the balance between user control, regulatory reporting and corporate risk management across the next wave of global DeFi adoption.