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Cryptocurrency exchange Binance reached an agreement with Brazil’s Securities and Exchange Commission (CVM) over offering derivatives products.
In an Aug. 14 notice, the CVM said Binance&nbsp;<a href="https://www.gov.br/cvm/pt-br/assuntos/noticias/2024/cvm-rejeita-termo-de-compromisso-com-gafisa-s-a-e-seus-executivos" target="_blank" rel="noopener nofollow">agreed</a> to pay 9.6 million reais — roughly $1.7 million at the time of publication — to the securities regulator. The CVM issued a warning to Binance in 2020 that the exchange was offering Brazilian residents derivatives products without authorization.
“Since the regulator’s first communication to Binance in 2020, the exchange has taken all steps and necessary actions to respond to the authority and comply with local requirements,” said Binance in a statement to Cointelegraph. 
“CVM’s board decision to accept the proposed Term of Commitment reaffirms that the adjustments and upgrades made by Binance throughout time are sufficient for the regulatory agency.”
The securities regulator initially rejected Binance’s 2023 proposal to pay roughly $365,000 to end the investigation.&nbsp;
Related: <a href="https://cointelegraph.com/news/brazil-leads-latam-crypto-trading-volume-2024">Brazil leads LATAM crypto trading with $6B volume in 2024</a>
The agreement followed the CVM reportedly <a href="https://cointelegraph.com/news/brazil-first-spot-solana-etf-launch">approving a spot Solana exchange-traded fund</a> (ETF) for listing and trading on the Brazilian stock exchange. The United States Securities and Exchange Commission (SEC) started greenlighting spot crypto ETFs in January, moving from Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) to Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), but to date, it has not approved a spot investment vehicle tied to Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>).
Magazine: <a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/">Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower</a>

Binance reaches $1.7M agreement with Brazilian securities regulator

Cointelegraph

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