{"id":31437,"date":"2023-07-04T22:03:22","date_gmt":"2023-07-05T02:03:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/brazilian-lawmakers-summon-binance-bitso-and-okx\/"},"modified":"2023-07-04T22:03:24","modified_gmt":"2023-07-05T02:03:24","slug":"brazilian-lawmakers-summon-binance-bitso-and-okx","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31437","title":{"rendered":"Brazilian Lawmakers Summon Binance, Bitso, and OKX"},"content":{"rendered":"
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Brazilian lawmakers have summoned the heads of major crypto exchanges to parliament, with representatives of the trading platforms Binance, Bitso, and OKX all set to attend.<\/p>\n

Per the Brazilian media outlet Livecoins, a special parliamentary commission for \u201ccryptocurrency-based financial pyramid schemes\u201d (known as the CPI) has approved a list of 38 people who will be summoned to parliament to face questioning from MPs.<\/p>\n

In addition to a number of alleged crypto pyramid organizers, the list includes \u201cwitnesses\u201d and \u201cexperts\u201d in the crypto field.<\/p>\n

Lawmakers say they want to develop a better understanding of crypto and how crypto-themed pyramids work, and think crypto exchanges can help them in this regard.<\/p>\n

Some of the \u201cexperts\u201d summoned to parliament include Guilherme Haddad Nazar, the head of Binance in Brazil.<\/p>\n

Other exchanges were asked to attend, including the aforementioned Bitso, as well as KuCoin, OKX, Coinbase, Liqi Digital Assets, and Bitget.<\/p>\n

Bitso is one of Latin America\u2019s biggest crypto trading platforms.<\/p>\n

Foxbit, which is currently working with the nation\u2019s Central Bank on the latter\u2019s digital real project, has also been asked to attend.<\/p>\n

But the spotlight may fall on the representatives of \u201csome of the biggest\u201d suspected crypto \u201cpyramids and frauds in Brazil.\u201d<\/p>\n

These include GAS Consultoria, Atlas Quantum, and Indeal.<\/p>\n

The latter is thought to have amassed some $193 million from investors before declaring bankruptcy in February this year.<\/p>\n

Other notable crypto advocates and experts have also been invited.<\/p>\n

These include Fernando Ulrich, the author of the book \u201cBitcoin: The Currency of the Digital Era,\u201d one of the first crypto-related publications to achieve mainstream success in Brazil.<\/p>\n

The BTC bull Thiago Nigro, also known as Primo Rico, was also invited to help \u201cexplain how the market works.\u201d<\/p>\n

Nigro\u2019s firm, Rico Investimentos, has been notably active in the domestic Bitcoin market.<\/p>\n

Crypto Exchanges Asked to Attend Brazil\u2019s Parliament: What Are CPI\u2019s Next Steps?<\/h2>\n

The CPI late last month heard calls from lawmakers who demanded that big tech firms and mainstream national media outlets attend.<\/p>\n

Some MPs feel that social media platforms, media websites, and TV stations are doing too little to combat a rise in crypto scams.<\/p>\n

They think some media outlets are airing and publishing crypto scammers\u2019 advertisements, and want media chiefs to act.<\/p>\n

They also think that scammers are advertising their projects with ease on social media platforms.<\/p>\n

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Lawmakers said they wanted to summon the regional heads of Meta (the operator of Instagram, Facebook, and Whatsapp), as well as Google, Telegram, TikTok, and Twitter.<\/p>\n

They also said they wanted to speak to the head of Grupo Bandeirantes de Comunica\u00e7\u00e3o, one of the nation\u2019s biggest broadcast networks, and Grupo Globo, the publisher of the nation\u2019s best-read newspapers.<\/p>\n

But, thus far, lawmakers have failed in their attempts to convince the CPI to summon IT and media leaders, with \u201crequests\u201d all \u201cpostponed\u201d for the time being.<\/p>\n<\/p><\/div>\n