Brazilian authorities banned Binance Futures platform

By Kluma | InterestingCrypto | 6 Jul 2020

The Brazilian Securities and Exchange Commission (SEC) has banned the country's trading of derivatives represented on the popular Binance Futures platform.

statement published on the agency’s website says that derivative contracts possess the properties of securities, regardless of underlying underlying assets. At the same time, Binance is not an “authorized” intermediary of the Brazilian financial market.

"Obviously, Binance Futures through a web page binance . com attracts customers residing in Brazil by offering intermediary services in the derivatives market, ”said representatives of the local SEC.

The agency’s website also says that Binance must immediately stop providing derivatives trading services in Brazil. Otherwise, the company will be fined daily in the amount of 1000 reais (~ $ 188) for each trade order.

These are the first in the history of the country restrictive measures of the authorities in relation to cryptocurrency derivatives.

Recall, due to tightening regulation in February, two Brazilian exchanges closed - Acesso Bitcoin and Latoex. After a couple of months , the XDEX cryptocurrency exchange launched by Brazil's largest broker Grupo XP stopped working .

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