Binance, a prominent global cryptocurrency exchange, resolved a four-year regulatory dispute in Brazil by paying a 9.6 million reais fine (approximately $1.75 million) to the Brazilian Securities and Exchange Commission (CVM). In 2020, the CVM accused Binance of offering unregistered derivative products, leading to this financial settlement.
The agreement ensures that Binance will operate strictly according to Brazilian laws. Binance has committed not to act as a securities dealer in the country without the required licenses. Although the CVM continues prohibiting Binance from offering derivative products in Brazil, the exchange has expressed willingness to comply. It intends to maintain its presence in the South American market. Binance also emphasized its adherence to CVM regulations since 2020.
Also Read: Binance Announces Removal of 15 Cryptocurrencies from Platform
India Lifts Ban on Binance Following Compliance with Regulatory Demands
In a parallel development, India lifted its trading ban after the exchange paid a $2.25 million fine and completed its Financial Intelligence Unit (FIU) registration. This move reflects Binance’s commitment to comply with India’s strict regulations, particularly in anti-money laundering (AML) and counter-terrorism financing (CTF) policies.
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Indian internet service providers have since unblocked Binance’s URL, as noted by Cryptolenz, a platform that tracks crypto events and research. However, Binance’s mobile applications remain unavailable for download on iOS and Android stores at the time of this report. Despite these lingering restrictions, Binance’s return to India is expected to positively impact the region’s crypto market, which has continued to grow despite regulatory challenges.
These recent decisions by Binance in Brazil and India demonstrate the exchange’s shift towards aligning with global legal requirements. By addressing the issues that led to legal disputes, Binance aims to enhance its standing in key international markets and ensure continued compliance.
Also Read: The Impact of Binance Listing on the Price of Toncoin (TON)
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.