Binance exchange suspended futures trading services for Brazilian customers. They claimed that they are taking this step to follow the orders of regulators.
Recently Binance planned to make their platform ideal for all the countries. So they did lots of changes in their services. Most of the time they suspended futures trading. In recent days they suspended derivatives related trading in expanded form for all the users of Australia. Now they did the same for Brazil’s Clients.
On Friday, In the statement, a spokesman from Binance stated that they suspended derivatives services for Brazilian users to respect the order of Brazilian regulators. And we restricted
Derivatives related promotions. But if any further new decision will made then they will surely give an update about it.
“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”
It seems that Brazilian regulators are much aware about the crypto adoption and perfect regulation. According to the Brazilian regulators, they have full believe that crypto adoption will bring better opportunity for the payment services but a better and suitable regulation needed to provide safety for the users