Binance has once again removed its futures trading features for another country – Brazil clients will not have access to the trading features. The latest move comes off the back of regulatory pressure from Brazil. Binance has moved to suspend trading of futures contracts on its Brazilian platform from Friday in order to comply with local regulations in the country. Binance has been receiving regulatory scrutiny from several countries in recent years.
Binance complies with Brazilian regulators.
According to a spokesperson at Binance, the move comes directly from an order related to the Brazilian regulators, “To respect the Brazilian order, Binance implemented restrictions on our website and stopped marketing on the derivatives products. If there are new changes, we will evaluate and proactively engage with the relevant stakeholders to find the optimal solutions for the local users. Earlier, the Brazilian Central Bank President, Roberto Campos Neto, commented on the crypto industry, stating that local regulations should facilitate investors’ demand for cryptocurrencies. Neto believes that cryptocurrencies will play a large role in payment platforms.
Binance continues to face regulatory scrutiny.
The latest move in Brazil comes as no surprise. Binance has been actively reducing its product offering following backlash from global regulatory bodies across the globe. The crypto exchange most recently announced that all users would be required to verify themselves through the exchange in order to make use of its services. The announcement stated that the move was to “further enhance user protection.” The latest move is a clear indication that the exchange is pushing for global adoption and regulatory-friendly conditions in order to continue operating on a global scale. Earlier, Binance hired a former IRS official to report money laundering laws.