Binance Settles Investigation Into Irregular Derivatives Offering with Securities Regulator in Brazil
- WBOYOriginal
- 2024-08-17 09:27:111077browse
Binance, one of the largest cryptocurrency exchanges by volumes traded, has announced that it has acted to terminate an administrative procedure
Cryptocurrency exchange Binance has settled an administrative procedure with the CVM, the securities regulator of Brazil, over the irregular offering of derivatives, including futures contracts and options, to Brazilian customers.
The exchange will pay 9.6 million Brazilian reais (approximately $1.75 million) to resolve the case, which dates back to 2022. Binance had been under investigation for continuing to offer derivatives to its customers in Brazil despite a 2020 CVM order halting the offering of this type of product.
Binance said it stopped offering futures and contracts for Brazilian users in 2021. However, at the time, local news sites reported that the product was still available to Brazilians who used English as their site language.
On Wednesday, Binance agreed to pay 9.6 million Brazilian reais ($1.75 million) to terminate the procedure, which was accepted by the majority of the CVM board. Only one director voted against the settlement, stating that it was “not convenient and timely.”
Binance said it has taken the necessary actions and corrective measures to comply with local regulatory requirements.
“This agreement reaffirms that the adjustments and updates made by Binance over time are sufficient for the regulator,” the exchange stated.
Binance added that it will continue to strive to protect its users, as a leader in the cryptocurrency exchange industry.
“We will continue to collaborate with authorities to share our experience and contribute to the development of the industry for the benefit of users and society as a whole,” the exchange said.
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