Binance is facing more and more heat from regulators around the world.
In Brazil, a significant development regarding the largest cryptocurrency exchange has emerged, as the country's authorities have summoned the director of Binance Brazil, Guilherme Haddad, to testify in front of the Brazilian parliament.
A Brazilian Chamber of Deputies member, Alfredo Gaspar, initiated the summon as part of the ongoing Parliamentary Commission of Inquiry (CPI) investigation. The probe targets suspected pyramid schemes that have purportedly infiltrated the country.
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The motion to summon Haddad will face a vote within the CPI on June 27th, according to a translation from the Brazilian news source Portal do Bitcoin.
Deputy Gaspar has insinuated that Binance has been utilized by the alleged pyramid schemes to enable asset transfers in the country.
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.
Brazilian authorities clarifies that Binance Brazil executive Haddad was summoned following mounting global scrutiny faced by the firm's parent company Binance Holdings Limited.
In Brazil, both the Federal Prosecutor's Office and Federal Police are investigating the cryptocurrency exchange. The primary focus of their inquiries pertains to allegations of Binance aiding customers in circumventing a cease order on cryptocurrency derivatives investments.
According to Portal do Bitcoin reports, the Brazilian Securities and Exchange Commission has previously urged Binance to stop offering Bitcoin futures products to its Brazilian clientele.
This situation emerges as the cryptocurrency exchange grapples with heightened scrutiny from global regulators. Authorities from several nations, including the United States, France, the Netherlands, the United Kingdom, and Brazil, have been intensifying their focus on Binance, placing the company under a global spotlight.
