Binance agrees to pay $1.7m to Brazilian the CMV, who accused the exchange of providing derivatives trading without proper compliance.
CMV accused Binance of providing derivatives trading services without proper compliance.In 2020, CMV started its investigation into Binance 2020 accusing the exchange of providing derivatives trading services without full legal compliance.
After the initial warning, the exchange offered to pay $370k to resolve the matter last year, which the regulator rejected. Equally, these violations saw the company’s former CEO Changpeng Zhao face a jail term. Therefore, the settlement in Brazil arises amidst increased global pressure on the exchange by regulatory authorities.
According to projections, revenue from crypto in Brazil will hit $2.1 billion by year-end. Equally, the number of users will reach 31.90 million by 2025 increasing from 14.57% to 14.58%.Therefore, with access to this market without legal restrictions and with compliance, Binance will grow its users, thus increasing revenue and profitability.
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