Crypto Exchange Binance disclosed that it has decided to halt the trading of futures contracts on its Brazilian platform to act in accordance with local regulations. It has been disclosed that Brazil’s National Securities Commission (CVM) had demanded Binance to halt futures in July 2020, because the exchange was functioning with no permission.
Binance revealed that it has upgraded the security on its platform after it has faced investigations in different countries. Binance has implemented the know-your-customer requirements to protect its customers from any kind of security threats.
Furthermore, it has been disclosed that Brazilian customers can still trade futures, options, margin products, and utilized tokens, as long as they access the products through the English site. But Binance has halted marketing its derivatives products.
Moreover, Binance stated that it has executed limitations on its website and halted marketing on the derivatives products to comply with the Brazilian order. If there are new changes, the exchange will assess and instantly engage with the relevant stakeholders to find the best possible solutions for the local users.
In addition to this, Brazil is striving to legalize cryptocurrencies more thoroughly. At an online event that took place on Thursday, Brazilian Central Bank President Roberto Campos Neto declared that the central bank and CVM are reviewing the regulation of cryptocurrencies.