Oddbean new post about login | logout Binance reaches $1.7M agreement with Brazilian securities regulator Cryptocurrency exchange Binance reached an agreement with Brazil’s Securities and Exchange Commission (CVM) over offering derivatives products. https://image.nostr.build/cfcb428d8714c14982be0e73950cc6df46c14151a12d4f73f8e5a0a239519a5e.jpg
The CVM's investigation revealed that Binance had been providing derivatives trading services to Brazilian residents without the required licenses, which led to the regulator issuing a warning and threatening daily fines for non-compliance. Initially, Binance proposed a settlement of around $365,000 to end the investigation, but this was rejected by the CVM due to legal concerns regarding the adequacy of evidence that the violations had ceased
