Binance Brazil’s country manager, Ricardo Da Ros, resigned just six months after taking the job.
Binance has a physical presence in Brazil, which is one of the few nations where it has done so. Although the exchange entered the local market in 2019, a group of Brazilian brokerage firms filed a lawsuit against it in March of this year, accusing it of operating unlawfully in the country.
In a farewell LinkedIn post, Da Ros stated, “There was a misunderstanding of expectations concerning my role, and I took the decision based on my personal values.”
Da Ros argues that despite his untimely resignation, he is “pleased by the fantastic outcomes obtained in Brazil in these 6 months.” He also expressed the expectation that Binance can serve as a model for the rest of the cryptocurrency sector.
Da Ros previously had a similar position at Ripio, an Argentinian cryptocurrency exchange, where he assisted in the development of many products, including the Ripio Visa card.
The executive’s departure is another setback for the world’s largest cryptocurrency exchange by trading volume.
Regulatory issues with Binance
Binance banned euro bank deposits from the Single Euro Payments Area (SEPA) earlier this month, citing “circumstances beyond our control,” before being terminated by European payment processor Clear Junction.
The Financial Conduct Authority (FCA) issued a consumer warning in June, stating that Binance Markets Limited, the company’s only registered entity in the country, was not authorized to conduct any activity there.
As a result, numerous UK banks, including NatWest and Santander, have restricted account holders’ access to the exchange.
Binance is ‘not authorized to provide investment services, according to an Italian securities regulator. While the FCA confirmed that UK consumers can still use Binance through its main website (Binance.com), regulators in numerous countries, including Malta, the Cayman Islands, Japan, and Italy, have said that the exchange is not authorized to perform any services.