Binance Probed In Brazil For Derivative Offering
According to Valour Econômico, authorities in Brazil are looking into the employees of cryptocurrency exchange Binance and an alleged financial crime on April 18.
Although the government issued a halt order to the company in 2020, Brazil’s Securities and Exchange Commission (CVM) believes that Binance may have participated in illegal behaviour by providing crypto derivatives to customers.
Binance suspended futures trading in 2021 in accordance with the regulator’s directive. Recent discoveries, however, imply that Binance may not have complied entirely. According to screenshots, Brazilian users of Binance’s website can switch the language to gain access to functionalities that are often banned.
This workaround was acknowledged by Binance itself. One support agent wrote: “The futures platform is not available in PT-BR. You can change the language.” Such advice is illegal in Brazil.
(With inputs from Shikha Singh)
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