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Binance Ordered to Halt Offering Derivatives Trading in Brazil
The order is the regulator’s first public stance on cryptocurrency derivatives trading.
The Brazilian Securities and Exchange Commission (CVM) on Monday ordered cryptocurrency exchange Binance to immediately cease offering derivatives trading services in the country.
STORY CONTINUES BELOW
- CVM said in a July 2-dated declaration that Binance is not authorized to “act as a securities intermediary” in Brazil and threatened the exchange giant - the world’s largest by trading volume - with a R$ 1,000 ($186) daily fine.
- Binance cannot market or offer derivative services of any type in Brazil, irrespective of the contract’s underlying asset, without CVM approval, the order said. That’s because Brazilian law treats all derivatives products as securities.
- Even so, Binance’s derivatives trading portal was still accessible from Brazilian IP addresses at press time Monday. Binance did not immediately respond to a CoinDesk request for comment.
- The order is CVM’s first public stance on cryptocurrency derivatives trading, according to CoinTelegraph Brazil. It was not immediately how this move will affect other exchanges.
See also: Binance Retains Top Spot as CoinGecko Revamps Exchange Trust Metric
Danny Nelson
Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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