Binance Settles with Brazil's SEC for $1.75 Million Over Derivatives Ban

Aug 14, 2024, 05:51 PM

Binance has reached a settlement with Brazil's securities regulator, Comissão de Valores Mobiliários (CVM), agreeing to pay 9.6 million reais, approximately $1.75 million, to resolve a probe into its offering of derivatives services without a license. This agreement comes after a ban was imposed in 2020 on Binance from offering such products in Brazil. Despite the settlement and compliance adjustments made by Binance, the company remains prohibited from offering derivatives in the Brazilian market.