Brazil is investigating Binance

Binance is the largest cryptocurrency exchange in the world. It is represented in many countries. However, not all of its tools are allowed. For example, cryptocurrencies are banned in Brazil. However, according to the regulator, the exchange provided these services.

Details about the investigation

The Securities Commission has banned the provision of cryptocurrency derivatives to residents of the country. However, perhaps Binance still provided such services. According to the publication Valor Economico, law enforcement agencies began to investigate a request from the financial regulator submitted at the end of winter.

According to Brazilian law, regardless of the type of initial assets, futures contracts are recognized as securities.

According to the publication, the cryptocurrency exchange provided assistance in circumventing these restrictions. The Commission provided the necessary screenshots as evidence. They contain recommendations on how to change the language settings in order to gain access to futures on the cryptocurrency exchange.

The Agency drew attention to the fact that the screenshots show a significant amount of content in Portuguese. At the same time, there are no notifications that clients from Brazil are prohibited from using futures contracts.

The publication added that the exchange offers to sign an agreement on voluntary commitments to eliminate misunderstandings. However, the authorities have not yet responded.

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