Binance to pay $1.7 million to Brazil Securities Commission to end investigation into its derivatives products

According to Foresight News , CoinDesk reported that Binance will pay 9.6 million reais (about 1.76 million U.S. dollars) to the Brazilian Securities and Exchange Commission (CVM) to end CVM's investigation into its failure to obtain the necessary licenses for providing derivatives trading services in Brazil. CVM stated that Binance brokered and intermediated securities transactions to citizens living in Brazil without obtaining securities broker qualifications and CVM registration or exemption. The settlement amount is much higher than the 2 million reais proposed by Binance a year ago. Previously, CVM ordered Binance to stop providing derivatives trading services in Brazil in July 2020, and then rejected Binance's proposed settlement of 2 million reais (about 370,000 U.S. dollars) in August 2023.