Binance almost banned futures trading in BrazilBinance has once again removed futures trading functions for another country, this time customers from Brazil will not have access to the trading functions. The latest move is the result of pressure from Brazilian regulators. Binance has suspended trading of futures contracts on its Brazilian platform since Friday to comply with local laws in the country.
The Brazilian Securities and Exchange Commission (CVM) banned Binance in 2020 and so far, the ban is still in effect. Residents of Brazil can still trade futures, options, margin products and leveraged tokens if they access the Binance website through its English-language version, as usual Binance publicly states one thing, but in fact the opposite happens - deception of Brazilian authorities and financial regulators, according to the usual and customary scheme of Binance.
The Brazilian National Securities Commission ordered Binance to stop serving futures trading in July 2020, because the exchange does not have the necessary permission from the authorities, permission from the Brazilian authorities - Binance has not received until now, and does not plan to receive - as usual.
"In order to comply with the Brazilian regulator's order, Binance has placed restrictions on its website and stopped the promotion of derivative products. If there are any more changes, we will evaluate them and will proactively engage with the relevant players to find the best solution for local users," Binance Casino said.
Brazil's central bank president Roberto Campos Neto said this week that they are discussing cryptocurrency regulation with the National Securities Commission. He stressed that cryptocurrencies are more often seen as an investment vehicle rather than a means of payment.
"It's quite obvious that this is the case. Look at the latest data from emerging markets: more people are investing with the expectation of making a profit than actually using cryptocurrencies as a payment method," Campos Neto added.
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