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Binance, the largest crypto exchange, has finally reached a settlement with Brazilian regulators for $1.76 million over unlicenced derivatives trading allegations.Binance to halt its derivatives trading services in the country, citing that the exchange was not authorized to operate as a securities intermediary in July 2020. The CVM threatened Binance with a daily fine of 1,000 real if it failed to comply.
In August 2023, Binance proposed a 2 million real settlement to resolve the issue, but the CVM rejected it as insufficient. On February 15, 2024, Binance submitted a revised proposal and, following negotiations with the Term of Commitment Committee , agreed to pay 9.6 million real to the CVM.
This isn’t the first time Binance has faced fines related to regulation issues. Just last month, India’s Financial Intelligence Unit Economic turbulence in Brazil, marked by high inflation and a declining currency, has led to a notable increase in cryptocurrency adoption. As the local currency weakens, many Brazilians are turning to digital assets to safeguard their finances.
By 2021, around 8% of Brazilians had ventured into crypto investments, making the country the 14th highest in global adoption rates. Brazil has also advanced significantly in financial inclusion compared to its Latin American peers. The World Bank Global Findex recently reported 70% card usage and a rise in real-time payment systems.the Pix payment system in 2020, a digital platform that has made it easier for people to engage in crypto transactions.
Despite facing regulatory issues, domestic crypto exchanges have continued to grow. With increasing digital literacy and a better understanding of digital finance, more Brazilians see crypto assets as a viable investment alternative.COTI V2 Underway, Garbled Circuits Integration and Privacy Breakthroughs: Interview with CEO Shahaf Bar-GeffenAI is Going to be the Center of our Lives, Like it or Not: Akash Network’s Greg Osuri One Weekly Email Can Change Your Crypto Life.
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