Binance announced on Wednesday that it has reached a settlement with Brazil’s Securities and Exchange Commission (CVM), resolving a dispute that began when the regulator prohibited the exchange from offering derivatives products in 2020.
The CVM had classified derivatives contracts as securities, stating that Binance was not authorized to operate as a securities intermediary in Brazil.
As part of the settlement, Binance agreed to pay 9.6 million reais, equivalent to $1.75 million USD.
A Binance spokesperson confirmed that the exchange currently does not, and is not permitted to, offer derivatives in Brazil.
The spokesperson added that since the initial communication from the regulator in 2020, Binance has taken all necessary actions to comply with local regulations.
The CVM’s decision to accept the settlement acknowledges that Binance’s adjustments over time have met regulatory standards.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
