TechFlow news — Cryptocurrency exchange Binance will pay 9.6 million Brazilian reais (approximately $1.76 million) in settlement to Brazil’s Securities and Exchange Commission (CVM) for offering derivative trading services in the country without proper authorization.
In a statement released Wednesday, CVM said: "On February 15, 2024, Binance submitted a new proposal of undertaking terms, which, after consultation with the Undertakings Committee (CTC), resulted in the applicant committing to pay 9.6 million reais to CVM." In July 2020, CVM ordered Binance to cease offering derivative trading services in Brazil, stating the company was unauthorized "to operate as a securities intermediary," and threatened daily fines of 1,000 reais. In August 2023, CVM rejected Binance’s earlier settlement offer of 2 million reais (about $370,000).
In another document detailing the settlement terms, CVM stated that Binance engaged in "distributing and intermediating securities operations" to individuals residing in Brazil without being a member of the securities distribution system or holding the necessary registration or exemption from CVM.
