Brazil Fines Binance $1.7m Over Derivatives Trading Violations

Brazil has slammed a fine of $1.7 million on Crypto exchange platform, Binance over derivatives trading violations adding to the company’s global regulations.

The largest crypto exchange platform in the industry will be paying $1.7 million to the Brazilian Securities and Exchange Commission (CVM) as a settlement following an investigation into its unauthorised derivatives trading in the country.

This was announced by CVM in an official statement on its website, spelling out the details of the case and the amount Binance is expected to pay.

“The Board of the Securities and Exchange Commission (CVM), in a meeting on 8/13/2024, analysed proposals for the Term of Commitment of the following administrative sanctioning processes (PAS):
1. PAS 19957.008369/2022–11: B Fintech Technology Services Ltda.
2. PAS 19957.008992/2023–47: Gafisa SA, Guilherme Augusto Soares Benevides and Ian Masini Monteiro de Andrade.
3. B Fintech Serviços de Tecnologia Ltda presented a new proposal for a Term of Commitment to terminate PAS CVM 19957.008369/2022–11.

The reports said in a meeting held on August 29, 2023, the CVM Board decided to reject the agreement with B Fintech Serviços de Tecnologia Ltda, as it understood that the execution of the Commitment Term would not be timely and convenient.