Binance Hits Major Regulatory Breakthrough In Brazil
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After major roadblocks faced in the Latin American country, Binance and Brazilian SEC have settled their grievances
Binance Exchange is making significant headway in Latin America after it resolved its years-long regulatory strain with the Brazilian SEC. The trading platform, known for its extensive industry reach, has recently been righting its wrongs with regulators in different countries.
The Binance and Brazilian SEC Brawl
Back in 2020, the country’s regulator, also known as CVM restricted the trading platform from carrying out derivatives offering in 2020. It accused the exchange of operating without proper authorization.
Following this indictment, the regulator announced that Binance has agreed to pay the sum of $9.6 million reais or approximately $1.75 million US Dollars.
This settlement underscores a related breakthrough the exchange recorded in India. As reported earlier, the exchange’s URL was unblocked in India after its FIU registration.
