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Binance removes futures trading for Brazilian customers

Binance has once again removed its futures trading features for another country, this time for Brazilian customers.

Binance removes futures trading for Brazil clients following regulation woes

Binance moved to suspend futures trading on its Brazilian platform from Friday to comply with local regulations in the country. The latest move comes from regulatory pressure from Brazil. 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. We will share more information if and when we have a decision and are ready to announce,” the spokesperson said.

The Brazilian Central Bank President, Roberto Campos Neto, stating that local regulations should facilitate investors’ demand for cryptocurrencies. Neto believes that cryptocurrencies will play a large role in payment platforms. The Central Bank President believes that the industry is key to the growth of digital payments within the country, saying, “This comes out of a need that people have for payments to be very fast, open, secure, and have transparency in every sense.”

This move by Brazil is not surprising. Recently, Binance has actively reduced its product offering following backlash from global regulators around the globe.

Binance most recently announced that all users would be required to verify themselves through the exchange to use its services. The announcement stated that the move is to enhance user protection further. The latest move is a clear sign that the exchange is driving global adoption and regulatory-friendly conditions to continue operating globally.

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