Binance faces scrutiny in Brazil, exec summoned to testify before Congress

Deputy Alfredo Gaspar Requests Binance Director to Appear Before Brazilian Parliament

Deputy Alfredo Gaspar, a representative of the Brazilian Chamber of Deputies, has asked for Guilherme Haddad, the director of Binance Brazil, to be called to appear before the Brazilian parliament as part of an ongoing Parliamentary Commission of Inquiry (CPI) inquiry into purported pyramid schemes in the nation.

The members of the CPI will cast their votes on the request of June 21 on June 27.

If the vote is passed, Brazilian politician Haddad will be required to appear before the Chamber of Deputies, according to a translation from Portal do Bitcoin. This follows an international regulatory crackdown on the world’s largest cryptocurrency exchange, Binance, which has been subject to investigation from authorities in the US, France, the Netherlands, the UK and Brazil.

The deputy further asserted that Binance was being used by pyramid schemes in the nation to carry out asset transfers.

He stated.

Regulators Around the World Investigating Binance

Authorities in the South American country stated that the reason for the summons is due to the fact that the company is being scrutinized by regulators from all over the world. Furthermore, in Brazil, Binance is being looked into by the Federal Prosecutor’s Office and Federal Police. It is claimed that the cryptocurrency exchange has been aiding customers in bypassing a prohibition on cryptocurrency derivatives investments.

Binance, Binance.US, and CZ have alleged that the SEC has made “misleading” statements regarding exchange assets.

The Brazilian Securities and Exchange Commission has already taken steps to prevent Binance from providing Bitcoin futures products to customers in Brazil, as previously reported by Portal do Bitcoin.

Binance did not respond to Cointelegraph’s inquiry prior to the release of this article.

US and China are Attempting to Shut Down Binance

US and China are attempting to shut down Binance.

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