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Binance Faces Scrutiny in Brazil, Exec Summoned to Testify

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Amid a worldwide regulatory crackdown on Binance, the cryptocurrency exchange is currently under investigation in multiple countries. This recent development in Brazil adds to the ongoing scrutiny faced by Binance globally.

Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, has made a formal request to summon Guilherme Haddad, the director of Binance Brazil, to testify before the Brazilian parliament. This request is part of an ongoing investigation by the Parliamentary Commission of Inquiry (CPI) into alleged pyramid schemes in Brazil. The CPI will vote on the request on June 27, following the initial request made on June 21.



If the vote is approved, Guilherme Haddad, the director of Binance Brazil, will be summoned to testify before the Brazilian Chamber of Deputies. This development is part of a broader global regulatory crackdown on Binance, the largest cryptocurrency exchange. Authorities from countries such as the United States, France, the Netherlands, the United Kingdom, and Brazil have scrutinized Binance, highlighting the significant international attention on the company.

The deputy made an additional claim stating that Binance had been used by pyramid schemes in Brazil to carry out transfers of assets. He emphasized the importance of comprehending Binance’s operations, its connection with B Fintech, and its involvement with companies facing legal consequences for harming Brazilian consumers. This connection, according to the deputy, strengthens the link between Binance and the ongoing investigation.

They emphasize their active cooperation with local authorities to combat cyber and financial crimes. Binance takes proactive steps in this regard, such as closely monitoring suspicious accounts and promptly identifying fraudulent activities.

Binance asserts that it complies with the regulatory framework in Brazil. The statement highlights their willingness to maintain a collaborative relationship with the Brazilian government and regulators worldwide. Binance aims to build trust and contribute to the development of the blockchain industry for the benefit of users and society as a whole.

Brazilian authorities have clarified that the reason behind summoning Binance is the ongoing global regulatory scrutiny faced by the company. In Brazil, Binance is being investigated by the Federal Prosecutor’s Office and Federal Police. The allegations state that the cryptocurrency exchange has been assisting clients in bypassing a stop order on cryptocurrency derivatives investments.

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As per a previous report from Portal do Bitcoin, the Securities and Exchange Commission of Brazil has been urging Binance to cease offering Bitcoin futures products to customers in Brazil.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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