PANews reported on August 15 that according to The Block, Binance said on Wednesday that it had reached an agreement with the Brazilian Securities and Futures Commission after regulators prevented it from offering derivative products for years. The Brazilian Securities and Futures Commission (CVM) banned the cryptocurrency exchange from offering derivative products in Brazil in 2020. The regulator said that derivative contracts fall within the scope of securities and pointed out that Binance "is not authorized" to act as a securities intermediary in Brazil. According to information published on the regulator's website, CVM subsequently approved the agreement with Binance and stated that the exchange agreed to pay a fine of 9.6 million reais (about 1.75 million US dollars).
A Binance spokesperson said in an email on Wednesday that Binance does not offer derivatives in Brazil and is not allowed to offer derivatives in the country. A Binance spokesperson said: "Since the regulator first notified Binance in 2020, the exchange has taken all necessary steps and actions to respond to the regulator and comply with local requirements. The CVM board of directors decided to accept the proposed commitment terms, which once again confirmed that the adjustments and improvements made by Binance over a long period of time are sufficient to meet the requirements of the regulator."
