Binance will pay $1.76 million to the Brazilian Securities Commission to end the investigation into its derivatives products

ChainCatcher news, according to CoinDesk, Binance will pay 9.6 million reais (approximately 1.76 million USD) to the Brazilian Securities and Exchange Commission (CVM) to end the investigation into its provision of derivatives trading services in Brazil without the necessary licenses.

CVM had previously ordered Binance to cease providing derivatives trading services in Brazil in July 2020. Later, in August 2023, CVM rejected Binance's proposed settlement of 2 million reais (approximately 370,000 USD). CVM stated that Binance conducted brokerage and intermediation of securities trading to citizens residing in Brazil without obtaining the qualifications of a securities broker and without being registered or exempted by CVM.