Binance’s Director In Brazil Quit Over Misalignment Of Expectations

Binance’s Director in Brazil quit over “Misalignment of expectations” as a top executive of the exchange announced his resignation as we see more in today’s Binance news.

Ricardo Daros, Binance’s Director in Brazil resigned just six months after he assumed the role. Brazil is one of the few countries where Binance set up a physical office and the exchange entered the local market back in 2019 but this year, a group of Brazilian brokerage firms lodged a complaint against the company, accusing it of operating illegally. Da Ros wrote:

“There was a misalignment of expectations about my role and I made the decision according to my personal values.”

Despite the resignation, Da Ros insisted that he remains satisfied by the excellent results obtained in the country in the past 6 months. He expressed hope that Binance will set an example for the rest of the market. Before joining Binance Da Ros insisted that he remains satisfied by the excellent results obtained in Brazil in the past 6 months and expressed hope that Binance will set an example for the rest of the crypto market. Before joining Binance, Da Ros served in a similar position at the Argentinean crypto exchange Ripio where he launched a few products including the ripio Visa card.

The resignation is another blow for the world’s biggest exchange in terms of the trading volume. Earlier this month, due to events beyond our control, Binance suspended euro bank deposits from the Single Euro Payments Area before getting dropped by the European payment processor Clear Junction. In June, Binance faced regulatory scrutiny in the UK with the FCA issuing a consumer warning that Binance Markets Limited which is the company’s only registered entity in the country wasn’t licensed to operate. This resulted in a few UK Banks like Santander and NatWest limiting the accounts owners’ ability to access the exchange.

While the FCA clarified that the UK customers are going to continue using Binance through its main website, the regulators in a few countries like Malta, Japan, Cayman Islands, and Italy stated that the exchange is not authorized to provide services.

As recently reported, The Brazilian Securities Commission approved the first exchange-traded fund tracking the ETH performance in Latin America. A few months after giving a green light to a Bitcoin ETF, Brazil’s Securities Commission did the same for Ethereum and now the funds will be managed by QR Asset Management. The CVM gave a nod of approval for the second crypto-oriented exchange-traded fund and the ethereum ETF will have the QETH11 ticker and will appear on the country’s stock exchange called B3 following the CME CF Ether Reference Rate used by the CME Group.
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