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Brazilian Government Raises Concerns Around Binance, Requests Executive’s Testimony

Press Releases Crypto News Bitcoinist Brazilian Government Raises Concerns Around Binance, Requests Executive’s Testimony

The Brazilian authorities are investigating a subsidiary of the world’s largest crypto exchange, Binance Brazil. A Brazilian Chamber of Deputies member, Congressman Alfredo Gaspar, called to summon Binance Brazil’s director Guilherme Haddad.

The exchange executive is expected to face the Brazilian Parliament on June 21 as part of the probe by the Parliamentary Commission of Inquiry (CPI).

Binance is being investigated over the allegation of pyramid schemes in the country. And the Congress would vote on summoning the Binance executive Haddad by next Tuesday, June 27.

Binance Faces Investigation In Brazil

The Brazilian news media Portal do Bitcoin revealed that Haddad would face the Brazilian Chamber of Deputies, the country’s lower house of Congress, once the vote is approved.

The investigation into the crypto exchange is coming amid the recent regulatory crackdown on the exchange by different global jurisdictions. Notably, authorities in the United States, Holland, the United Kingdom, and France have placed Binance under their regulatory spotlight.

Deputy Gaspar alleged that the crypto firm had used pyramid schemes for asset transfers in Brazil. Additionally, Brazilian authorities reported that the investigation on the crypto exchange is because regulators from other countries are also probing the exchange on the same issues.

Gaspar stated the importance of understanding different aspects of Binance operations, including the exchange’s association with B Fintech and involvement with several entities that are on the legal radar for exposing Brazilian customers to insecurities.

Moreover, the Federal Prosecutor’s Office and Federal police have already been Go to Source to See Full Article
Author: Eli Dambel

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