{"id":26691,"date":"2023-06-23T18:39:23","date_gmt":"2023-06-23T22:39:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-brazil-executive-called-to-testify-in-congress-amid-regulatory-crackdown\/"},"modified":"2023-06-23T18:39:25","modified_gmt":"2023-06-23T22:39:25","slug":"binance-brazil-executive-called-to-testify-in-congress-amid-regulatory-crackdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26691","title":{"rendered":"Binance Brazil Executive Called to Testify in Congress Amid Regulatory Crackdown"},"content":{"rendered":"<div>\n<p>Amidst a global regulatory crackdown on Binance, the director of Binance Brazil, Guilherme Haddad, has been summoned to testify before the Brazilian parliament.\u00a0<\/p>\n<p>Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, initiated the summons.\u00a0<\/p>\n<p>Haddad is expected to provide testimony as part of the ongoing investigation conducted by the Parliamentary Commission of Inquiry (CPI), which is examining allegations of pyramid schemes in the country.<\/p>\n<h2>Binance Brazil\u2019s CEO might be summoned to testify<\/h2>\n<p>The request was submitted on June 21st, and other CPI members will vote on it on June 27th.\u00a0<\/p>\n<p>The Brazilian news outlet Portal do Bitcoin wrote that the approval of the request would mean that Haddad has to appear before the country\u2019s Chamber of Deputies.<\/p>\n<p>Meanwhile, Binance continues to face regulatory issues in other markets. So far, the exchange has clashed with the authorities of the US, the UK, France, and even the Netherlands.\u00a0<\/p>\n<p>Brazil is now the newest country where Binance is facing scrutiny, which continues to bring negative international attention to the company.<\/p>\n<p>The last time multiple regulators targeted Binance at the same time was when many nations discovered that the exchange had been offering products without having proper licenses.\u00a0<\/p>\n<p>At the time, Binance responded by removing the controversial investment products and boosting its compliance team.<\/p>\n<p>However, Brazil\u2019s deputy claims that the exchange was utilized by pyramid schemes in the country to enable asset transfers. Gaspar argued that:<\/p>\n<blockquote>\n<p>&#8220;It is vital to understand Binance\u2019s 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.&#8221;<\/p>\n<\/blockquote>\n<h2>Binance offered Bitcoin futures despite being pressed to stop<\/h2>\n<p>Brazil\u2019s authorities claim that the reason behind the summons is the fact that the exchange is facing scrutiny from other regulators. However, Brazil has also been investigating Binance.\u00a0<\/p>\n<p>Specifically, the country\u2019s Federal Police and the Federal Prosecutor\u2019s office both investigated the exchange\u2019s activities.<\/p>\n<p>They suspect that Binance has been helping its Brazil-based clients to evade a stop order on investing in crypto derivatives.\u00a0<\/p>\n<p>Since the platform has a history of offering products it shouldn\u2019t, it became an immediate suspect.<\/p>\n<p>Brazil\u2019s Securities and Exchange Commission has also pressed Binance to halt its Bitcoin futures products offering to local investors.\u00a0<\/p>\n<p>This was also reported by Portal to Bitcoin earlier.<\/p>\n<p>At present, Binance has not responded to the news of the summons or provided any comment regarding the situation in Brazil.<\/p>\n<p>The request for the summons is still pending a vote, and if it is unsuccessful, the exchange&#8217;s executive may not be required to testify.<\/p>\n<p>Guilherme Haddad has held the position of CEO at Binance Brazil since late 2022.<\/p>\n<p>It is worth noting that he is related to Fernando Haddad, Brazil&#8217;s acting Minister of Finance, as his uncle.<\/p>\n<p>However, Honorato, the investigator, has stated that this relationship will not impact the ongoing investigation.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/binance-brazil-executive-called-testify-congress-amid-regulatory-crackdown.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amidst a global regulatory crackdown on Binance, the director of Binance Brazil, Guilherme Haddad, has been summoned to testify before the Brazilian parliament.\u00a0 Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, initiated the summons.\u00a0 Haddad is expected to provide testimony as part of the ongoing investigation conducted by the Parliamentary Commission of Inquiry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-26691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Brazil Executive Called to Testify in Congress Amid Regulatory Crackdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amidst a global regulatory crackdown on Binance, the director of Binance Brazil, Guilherme Haddad, has been summoned to testify before the Brazilian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=26691\" \/>\n<meta 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