Binance Reaches an Agreement with Brazilian Regulator
The Brazilian Securities and Exchange Commission (CVM) has reached a settlement with Binance for offering derivatives trading services in the country.
According to the terms of the agreement, Binance will pay 9.6 million reais ($1.76 million) to the CVM. The CVM revealed that negotiations took place and a new proposal for a Term of Commitment was presented on February 15, 2024.
After discussions with the Term of Commitment Committee (CTC), Binance agreed to pay the CVM the initial amount of 9.6 million reais.
This settlement comes after the CVM ordered Binance to cease offering derivatives trading services in Brazil in July 2020, stating that the company was not authorized to act as a securities intermediary.
The CVM also warned that Binance could face a daily fine of 1,000 reais for non-compliance. In August 2023, Binance’s proposal to settle the matter for 2 million reais was rejected by the CVM.
