Binance has reached a $1.76 million settlement with Brazilian regulators! 🎉 The settlement comes after a year-long investigation into allegations of unlicensed derivatives trading by the exchange in the country.

The Brazilian Securities Commission (CVM) had ordered Binance to cease its derivatives trading services. The proposal in August 2023 was rejected, but a new proposal was accepted in February 2024.

This is not Binance’s first regulatory fine. Similar issues were also reported in India and Canada last month. However, crypto adoption is rapidly increasing in Brazil. 💹