Binance, the world's largest crypto trading platform by trading volume, is facing the threat of sanctions in Brazil, according to local sources.
According to the news of O Globo, the crypto exchange has been investigated for leaving the demands of Brazilian government institutions unanswered. Regulators had requested Binance to end its derivatives service in the country.
Sources state that Binance officials did not respond to this request at all. Acting after the waiting period, the Securities and Exchange Commission CVM filed a criminal complaint against Binance.
After the commission's petition to the São Paulo Attorney General's Office, law enforcement officials allegedly took action. Sources stated that giant stock exchange officials avoided commenting on the subject.
Did Binance Keep Its Promise?
CVM issued a warning order for the Binance exchange to cease trading derivatives in the country in 2020. In the early days of the following year, Binance announced that it would not be offering derivatives market services in Brazil.
However, the government agency found that customers continued to access derivative services by changing the language of the Binance site.
