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Brazil’s Securities and Exchange Commission (CVM) prohibits Binance crypto derivatives trading eyeing regulatory obstacles.
The Comissao de Valores Mobiliários (CVM), the regulatory watchdog of securities in Brazil has announced its official statement on Monday, about the ban on Binance crypto derivatives trading in the country. According to the CVM, Binance is not authorized to offer securities trading in Brazil.
Thereby, in Brazil, Binance cannot afford to deal into crypto-derivative instruments or irrespective of the contract’s underlying asset hereafter without CVM approval due to the Brazilian law treats all derivatives products as securities.
Of late, although Binance has been expanding their venture by expanding territories as well as product line, they are confronting regulatory issues in many countries.
In the recent past, they entered in South Korea with the concept of KRW Stablecoin. In addition, they also introduced bitcoin options trading mechanism and their strategic alliance with FTX that led to investment flow to acquire minority stake in Crypto-Derivative Exchange, ‘FTX’, after their M&A deal between ‘Binance and Indian crypto-exchange WazirX’ has kept them in limelight.
But for now, the prohibition of crypto-derivatives trading is majorly due to the anti-crypto policies in Brazil. Unlike crypto-friendly nations like Sweden, in Latin America, cryptocurrency exchanges are finding it difficult to fetch conducive banking services.