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Binance Operations In Brazil Under Investigation Amidst Its Global Regulatory Issues

Press Releases Crypto News Bitcoinist Binance Operations In Brazil Under Investigation Amidst Its Global Regulatory Issues

World’s biggest exchange, Binance, is under heat following regulatory crackdowns on its national subsidiaries. In the latest developments, Binance’s branch in Brazil becomes the newest arm of the exchange to face scrutiny from national authorities.

Brazilian Panel To Summon Binance Executive Over Pyramid Schemes Investigations

According to a local report by Brazillian news outlet Portal do Bitcoin, a member of the Parliamentary Commission of Inquiry (CPI) of the Financial Pyramids, Deputy Alfredo Gaspar, has submitted a request, summoning the Executive Head of Binance Brazil, Guilherme Haddad Nazar, to appear as a witness in the ongoing investigations into the pyramid schemes in the country.

In supporting arguments for his request, Deputy Gasper noted that some companies busted as pyramid schemes had used Binance to move their assets. Examples of these firms included Ever Operations and Investments, Braiscompany, etc.

Gaspar said:

Therefore, we can deduce that Binance is entirely intertwined with the motivation of this CPI, and it is essential to understand its performance in the country, its relationship with B Fintech (its official representative), as well as its connection with companies that respond in court for harming consumers Brazilians.

Furthermore, the Brazilian congressman and two-time attorney general of justice pointed to the regulatory issues Binance is experiencing in various countries, most notably the United States.

In addition, Deputy Gaspar also highlighted the ongoing investigations into the Seychelles-based exchange by Brazil’s Securities and Exchange Commission – Comissão De Valores Mobiliários (CVM) – for the unlicensed sale of derivative market products.

The request by the congressman was made yesterday, June 21, and is subject to approva

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Author: Semilore Faleti

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