The new phase of Binance, who has been trying to adapt to local regulations, has arrived in Brazil. This Friday (20), the exchange suspended the offer of derivative products on the site in Portuguese.
The service, which includes trading in futures, options, margin products and leveraged tokens, remains available to Brazilians, provided that access is made through the site in English.
O Bitcoin Portal confirmed the information with the Binance branch in the country. In a statement, the broker said that the decision was in respect of local regulations.
“To respect the Brazilian order, Binance implemented restrictions on the website and stopped the sale of derivative products. If there are new changes, we will assess and proactively engage with relevant stakeholders to find the optimal solutions for local users,” the statement says.
Under pressure from regulators around the world, the exchange included the Portuguese version of the site in the list of countries where it is no longer possible to trade derivatives, along with Australia, Hong Kong, Germany, Italy and the Netherlands.
Unlike other countries, the exchange did not make an official statement on its blog to warn about the suspension of services.
Binance and pressure from CVM
The broker had already received an alert from the Brazilian Securities Commission (CVM) more than a year ago, in July 2020.
On that occasion, the regulatory body said that Binance was not authorized to intermediate derivative contracts in Brazil, and ordered the broker to discontinue the offer under penalty of paying a daily fine of R$1,000.
In addition to regulators, Binance has also been the target of competing exchanges in the country, led by the Associação Brasileira de Cryptoeconomia (ABCripto).
In March of this year, the group asked the Central Bank, CVM and the Federal Public Ministry (MPF) to file a public civil action against Binance for failing to comply with the regulators’ decision and to continue offering derivatives in the country.