Binance Brazil director summoned by Congressman as global regulatory crackdown intensifies.
to a translation of the Brazilian news outlet Portal do Bitcoin, if the vote is approved, Haddad will be summoned to appear before the Brazilian Chamber of Deputies if the vote is approved. This development comes amid a global regulatory crackdown on the largest cryptocurrency exchange. Binance has facedin the United States, France, the Netherlands, the United Kingdom and Brazil, underscoring international attention on the company.
Furthermore, the deputy claimed that Binance was utilized by pyramid schemes in the country to facilitate asset transfers.“Hence, it is vital to understand Binance’s operations, its association with B Fintech, and its involvement with companies facing legal action for harming Brazilian consumers, as this strongly links Binance to the ongoing investigation.“
Authorities in the South American nation explained that the intent for summons is due to the fact the company is facing the scrutiny mentioned above from regulators worldwide. In Brazil, Binance by the Federal Prosecutor’s Office and Federal Police. The cryptocurrency exchange has allegedly been helping clients evade a stop order on cryptocurrency derivatives investments.
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