Brazil has fined the cryptocurrency exchange Binance $1.7 million for violating derivatives trading regulations, adding to the company’s global regulatory challenges.
The Brazilian Securities and Exchange Commission (CVM) announced that Binance must pay the fine as part of a settlement following an investigation into its unauthorized derivatives trading activities in the country.
The CVM disclosed the details in an official statement on its website, explaining the case and the agreed-upon fine.
The investigation into Binance began in July 2020, with the company accused of offering derivatives trading without the necessary licenses. Initially, Binance proposed a settlement of $370,000, which was rejected by the CVM.
After further negotiations, both parties reached an agreement on the $1.7 million fine.
The CVM’s statement confirmed that the settlement was approved after a review by the Term of Commitment Committee (CTC), which deemed the agreement appropriate and convenient.
The CVM Board finalized the decision to accept the settlement with Binance, bringing the matter to a close.
