Binance is facing ongoing regulatory challenges globally, with the latest issue arising in Brazil, where the cryptocurrency exchange is set to pay a $1.7 million fine for violations related to derivatives trading.
The fine is part of a settlement with the Brazilian Securities and Exchange Commission (CVM) following an investigation into Binance's unauthorized derivatives trading activities within the country.
The CVM officially announced the settlement on its website, detailing the case and the penalty amount Binance must pay.
In their statement, the CVM noted that during a meeting on August 13, 2024, the Board reviewed various administrative sanctioning processes, including one involving B Fintech Technology Services Ltda, a company connected to Binance in Brazil. After earlier rejecting a settlement proposal from B Fintech, the CVM accepted a revised offer in February 2024. As part of the agreement, B Fintech will pay R$9.6 million (approximately $1.7 million) to the CVM.
This settlement marks another significant regulatory hurdle for Binance as it continues to navigate complex legal landscapes across different countries.
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