Binance Reaches an Agreement with Brazil’s Watchdog

Binance yesterday announced that it has reached an agreement with Brazil’s Securities and Exchange Commission (CVM) after being banned from offering derivatives products in the country in 2020.

The CVM had declared that derivatives contracts are securities and that Binance did not have the authorization to act as a securities intermediary in Brazil.

However, with the approval of the agreement, Binance has agreed to pay $9.6 million reais (equivalent to $1.75 million US dollars) as a resolution to the issue, according to a post on the CVM’s website.

A spokesperson from Binance confirmed that they are not allowed to offer derivatives in Brazil.