- Binance agrees to pay a $1.75 million fine in Brazil.
- The crypto exchange pledges to comply with Brazil’s regulatory conditions.
- Binance gets reactivated in India after settling a $2.25 million penalty.
The four-year regulatory challenge Binance faced in Brazil seems to end following the crypto exchange’s agreement to pay a 9.6 million reais fine, equivalent to $1.75 million, enacted by the Brazilian Securities and Exchange Commission (CVM). The CVM accused Binance in 2020 of providing derivative products with appropriate registration.
Notably, Binance’s agreement to pay a $1.75 million fine in Brazil comes with a pledge by the crypto exchange to abide by the country’s laws. Hence, Binance will not act as a securities intermediary in Brazil without appropriate permission. Nonetheless, Binance claims it has complied with the CVM’s regulatory requirements since 2020.
Despite Binance’s agreement to pay the fine and comply with regulatory requirements, the CVM continues to restrict the crypto exchange from providing derivative products in Brazil, a condition that Binance agrees to comply with. However, the exchange noted it is comfortable with the condition, ensuring its presence in the South American country.
In another development, India lifted its ban on Binance after the crypto exchange paid a $2.25 million fine and completed the FIU registration. According to reports, meeting both demands signals Binance’s commitment to comply with India’s regulatory requirements. Indian authorities claim it designed the FIU registration process to ensure financial institutions operate within its established legal frameworks.
In a post on X, Cryptolenz, a crypto events aggregator and research platform, reported that India unblocked the Binance URL. However, the events aggregator noted that the crypto exchange’s apps remain unavailable for download on iOS and Android stores at the time of the report.
Notably, the Indian government has been particular about ensuring that financial institutions, including crypto exchanges, comply with the anti-money laundering (AML) and counter-terrorism financing (CTF) standards. Meanwhile, users expect Binance’s India return to boost the region’s crypto market, which has seen growing interest despite regulatory challenges.
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