đ„Binance Pays $1,75 Million Fine To Brazil SEC
- Binance will pay $1,75 million to the Brazilian Securities and Exchange Commission (CVM) for offering crypto derivatives without a valid license.
- The settlement resolves a conflict that began in July 2020 when CVM first accused Binance of operating illegally in Brazil.
- Binance initially offered a settlement of 2 million reais ($370,000) in August 2023. CVM rejected the offer. The two parties eventually settled on a fine of 9,6 million reais ($1,75 million).
- Binance is now banned from offering derivatives in Brazil, a lucrative market for cryptocurrency trading volume. Binance has generated over $6 billion USD in revenue in the first four months of the year.
- Despite the fine, Binance's operations in Brazil remain strong, with the fine likely just a small cost in a booming marketđ
