In Brief:
- The exchange suspended the offer of derivative products on the site in Portuguese.
- Brazilian Customers can still trade through the English site.
Amid regulatory moves, Binance suspended the trading of futures contracts on its platform in Brazil to comply with local regulations.
The services would remain available to Brazilian customers through the site in English. The news was first reported by Brazilian crypto media outlet Portal do Bitcoin.
In a statement, the broker from the Binance branch in the country said that the decision was in respect of local regulations.
“To respect the Brazilian order, Binance implemented restrictions on the website and stopped the sale of derivative products. If there are new changes, we will assess and proactively engage with relevant stakeholders to find the optimal solutions for local users,” the statement says.
Binance has previously suspended its derivatives in Australia, Hong Kong, Germany, Italy and the Netherlands. With the move, Brazil would also join the list of countries where Binance suspended trading of its derivatives under pressure from the regulators.
Recently, Binance improvised its customer verification process to counter regulatory scrutiny, which will also protect their customers from financial crime. By doing this, Binance will enhance user protection and fight financial crime.
