Binance Suspends Futures Trading In Brazil Amidst Regulatory Concerns

Digital asset exchange Binance suspended the trading of futures contracts on its Brazilian platform on Friday to abide by local regulations around financial transactions.

The natives of the country can still trade derivative instruments including futures, options, margin products and leveraged tokens, as long as they access the products through the English site. However, the crypto exchange confirmed through an external spokesperson that it has ceased marketing its derivatives offerings.

The news was first reported by Brazilian digital asset media outlet Portal do Bitcoin. The exchange mentioned,

“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. We will share more information if and when we have a decision and are ready to announce.”

At an online event held recently, Brazilian Central Bank President Roberto Campos Neto mentioned that the central bank and CVM are discussing the regulation of virtual currencies. He commented,

“It is important to report that this arises from a need that people have for payments to be fast, open, secure and with transparency in all senses.”

Notably, the event was promoted by the Council of the Americas. During the event, Campos Neto mentioned that in markets which are springing up, BTC and ETH are more explored as investments than as payments, while he underlined the ballooning in interest in stablecoins.