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Binance Suspends Futures in Brazil Citing Regulatory Requirements
The product was removed in response to an order from the Brazilian Securities Commission.
Updated Sep 14, 2021, 1:43 p.m. Published Aug 20, 2021, 9:18 p.m.
Crypto exchange Binance suspended the trading of futures contracts on its Brazilian platform on Friday to comply with local regulations.
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Brazilian customers can still trade futures, options, margin products and leveraged tokens, as long as they access the products through the English site, but Binance has stopped marketing its derivatives products, the exchange confirmed through an external spokesperson.
The news was first reported by Brazilian crypto media outlet Portal do Bitcoin.
"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 told CoinDesk.
Brazil’s National Securities Commission (CVM) had asked Binance to suspend futures in July 2020, because the exchange was operating with no authorization, Brazilian crypto media site Livecoins reported.
Binance has tightened its know-your-customer requirements worldwide after regulators in a number of different countries announced investigations into the company.
More regulations ahead
Brazil is moving to regulate cryptocurrencies more closely. At an online event held on Thursday, Brazilian Central Bank President Roberto Campos Neto said that the central bank and CVM are discussing the regulation of cryptocurrencies.
During the event, which was promoted by the Council of the Americas, Campos Neto said that in emerging markets bitcoin and ethereum are more explored as investments than as payments, while he emphasized the growth in interest in stablecoins.
"It is important to report that this arises from a need that people have for payments to be fast, open, secure and with transparency in all senses," he said.
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