Binance Faces Further Regulatory Action, Possible Scrutiny in Brazil

    As a witness, Guilherme Haddad Nazar, the general director of Binance brokerage in Brazil, has been summoned by the Brazilian regulator, the CPI.

    Deputy Alfredo Gaspar has filed a motion for Guilherme Haddad Nazar, the general director of Binance brokerage in Brazil, to appear before the Brazilian regulator, the CPI, as a witness. The motion will be debated and voted on by the rest of the CPI at their next meeting on June 27th.

    Binance has been facing regulatory challenges in several countries, including the U.S., Japan, China, Germany, the U.K., and Brazil. The Brazilian regulator Comisso de Valores Mobiliários (CVM) is investigating Binance for allegedly providing access to unapproved derivative products.

    Deputy Gaspar has drawn attention to Binance’s involvement in pyramid schemes like Ever Operations and Investments and Braiscompany, and emphasized the importance of understanding Binance’s performance in Brazil, its connection to B Fintech (its official representative), and its ties to businesses that are being sued for consumer harm.

    Guilherme Haddad Nazar, who became Binance’s national manager for Brazil in September 2022 and was later promoted to general manager, previously held key positions at companies including Uber and Loft.

    In response to the request, Binance released a statement reiterating its willingness to cooperate with all relevant exchanges and financial institutions.

    Binance has collaborated with law enforcement in high-profile cases like that of Glaidson Acácio dos Santos, also known as the “Pharaoh of Bitcoin,” and has expressed its commitment to assisting investigations and helping victims recover assets in light of the ongoing Braiscompany investigation.

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