Binance is having a tough time around the globe with the exchange exiting multiple countries, including the likes of Russia, Canada, Germany and more.
Binance has been accused of operating and offering securities without authorization by a congressional committee. The founder, Changpeng Zhao, along with three other executives, are also accused of fraudulent management. Binance is already facing a probe from the country’s regulatory body, CVM, regarding its sale of derivatives. The world’s biggest exchange is now at the risk of being indicted in Brazil, too, should the authorities decide to pursue the accusations.
Binance, on the other hand, has stated that the exchange has attempted its best to collaborate with the congressional committee but failed in doing so. In a statement to Binance, the exchange noted, “ strongly rejects any attempts to make Binance a target or even expose its users and employees with allegations of bad practices without any proof, amid competitive disputes given the company’s leadership position in Brazil and in the world.
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