Binance, a cryptocurrency exchange, is reportedly being investigated by Brazilian authorities for allegedly assisting clients in evading a stop order on cryptocurrency derivatives investments. According to the Brazilian Securities and Exchange Commission (SEC), Binance may have disregarded a stop order issued by the SEC in 2020, and continued to provide cryptocurrency derivatives to its clients. The SEC notified the Attorney General of the State of São Paulo about this issue.
Furthermore, the SEC presented the police with screenshots of instructions for Brazilian users to change their language setting, which allowed them to access Binance Futures section. Binance has denied the allegations and stated that it operates in compliance with local regulatory requirements. This is not the first time Binance has faced such charges, as it has also faced regulatory issues in Ontario, Canada, and the United States.
