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Binance pays Brazilian regulator $1.7M to settle unlicensed derivatives trading

2024/08/15 09:10

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Binance, the world’s largest cryptocurrency exchange, has agreed to pay 9.6 million reais ($1.76 million) to the Brazilian Securities and Exchange Commission (CVM) for offering derivatives trading services without the required licenses.

This settlement significantly exceeds the 2 million reais ($370,000) that Binance initially proposed in August 2023.

Regulatory Background

In July 2020, the CVM instructed Binance to stop offering derivatives trading services in Brazil, stating that the exchange was not authorised to operate as a securities intermediary. Binance faced the threat of a daily fine of 1,000 reais if it continued its operations without the necessary approvals.

After rejecting Binance's initial settlement offer in 2023, the CVM engaged in negotiations, eventually reaching an agreement in February 2024. Binance’s payment will settle claims that it conducted securities-related activities without being a registered member of Brazil's securities distribution system.

This settlement underlines the importance of regulatory compliance for global cryptocurrency exchanges, as authorities continue to enforce stringent measures against unauthorised financial activities.

Binance

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