Binance Faces Legal Troubles in Brazil as the Parliament Summons Binance’s Director
Binance exchange has found itself in trouble with yet another sovereign nation. The latest country to add to the legal troubles of Binance is Brazil. Recent media reports indicate that Brazilian regulators are investigating the activities of the exchange platform.
To this end, Deputy Alfredo Gasper who is a member of the Brazilian Chamber of Deputies has issued a summons for Binance director Guilherme Haddad.
As per this directive, Haddad is required to testify before the Parliament of Brazil. This appearance is going to be part of the Parliamentary Commission Inquiry or CPI concerning a purported pyramid scheme investigation by the financial regulators in Brazil.
The regulators could mandate the appearance before the Brazilian court if the vote at the CPI gathering calls for it. It means that Haddad will have to appear before the Chamber of Deputies to testify about the position of the crypto exchange and answer any questions concerning the ongoing investigation. The probable clash of Binance with the Brazilian authorities does not arrive at a good time.
Binance is Fighting a Legal Battle in Many Countries
In other parts of the world, the Binance exchange is facing a renewed round of intensive regulatory scrutiny. During the ongoing month, SEC of the USA filed a barrage of lawsuits against BinanceUS, its CEO, and Binance global exchange.
However, regulators in the USA are going after the entire cryptocurrency sector at present. Meanwhile, Binance has started to feel the regulatory heat in other Western jurisdictions such as Cyprus, Netherlands, France, and UK among others.
Deputy Gasper has told media that Binance exchange is currently under investigation for working in tandem with B fintech enterprises. The public official maintained that the possible rendezvous between Binance and other fintech firms can unveil potential damages for the consumers within the Brazilian territory.
Additionally, the deputy also maintained that another reason to raise suspicion around Binance is its current struggle with other financial regulators across the globe.
Meanwhile, the Federal Prosecutor Office and the Federal Police are also investigating the Binance exchange in Brazil. The crypto enterprise is facing charges from South American regulatory agencies for offering clients illegal methods to stop orders on crypto derivative deals.
At the same time, the SEC of Brazil is also putting pressure on Binance to halt its Bitcoin futures contract offerings. Binance has also faced some resistance from the SEC of Nigeria after it was sued by SEC in the USA recently.
However, Binance has continued its efforts to resolve the regulatory issues and work out its differences with the regulators in various global jurisdictions.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
