Binance will pay 9.6 million reais (about $1.76 million) to the Brazilian Securities and Exchange Commission (CVM) to end CVM's investigation into its failure to obtain the necessary licenses to provide derivatives trading services in Brazil.
CVM previously ordered Binance to stop providing derivatives trading services in Brazil in July 2020. Later in August 2023, CVM rejected Binance's proposed settlement of 2 million reais (about $370,000). CVM stated that Binance brokered and intermediated securities transactions to citizens living in Brazil without obtaining securities broker qualifications and CVM registration or exemption. The settlement amount is much higher than the 2 million reais proposed by Binance a year ago.