Exchanges

Binance ends futures services in Brazil due to regulatory concerns

  • Binance has suspended futures trading services in Brazil
  • Brazil’s financial regulator warned that Binance is operating without proper authorisation
  • Binance has been making numerous regulatory changes in recent weeks

Binance has been suspending futures and derivative services in various countries.

Binance suspends futures services in Brazil

Leading cryptocurrency exchange Binance has continued its changes, and this time it is in Brazil. Brazilian crypto media outlet Portal do Bitcoin reported that the cryptocurrency exchange has suspended futures trading services in the country due to regulatory reasons.

Binance said, “To respect the Brazilian order, Binance implemented restrictions on our website and stopped marketing on the derivatives products. If there are new changes, we will evaluate and proactively engage with the relevant stakeholders to find the optimal solutions for the local users. We will share more information if and when we have a decision and are ready to announce.”

Binance had been asked to suspend its futures trading services in Brazil since July last year, with Brazil’s National Securities Commission (CVM) stating that the exchange was operating without proper authorisation.

Binance making regulatory changes

The crypto exchange has been making regulatory changes over the past few weeks. Binance has been under pressure from regulators in various parts of the world. Last week, Binance made it compulsory for its users globally to go through the KYC verification process.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.