Brazilian Deputy Calls for Binance Director’s Testimony

Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, has requested that Guilherme Haddad, the director of Binance Brazil, be summoned to testify before the Brazilian parliament as part of an ongoing Parliamentary Commission of Inquiry (CPI) investigation into alleged pyramid schemes in the country.

On June 27, CPI members will vote on the proposition submitted on June 21.

Haddad will be summoned to appear before the Brazilian Chamber of Deputies, according to a translation from the Brazilian news outlet Portal do Bitcoin, if the vote is authorized.

This occurrence coincides with a worldwide regulatory assault on the largest cryptocurrency exchange.

Authorities in the United States, France, the Netherlands, the United Kingdom, and Brazil have investigated Binance, demonstrating the company’s international prominence.

In addition, the representative claimed that pyramid schemes in the country utilized Binance to effectuate asset transfers. He said:

“Hence, 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.“

Authorities in the South American nation explained that the intention to issue summonses stems from the scrutiny the company faces from regulators worldwide.

In Brazil, both the Federal Prosecutor’s Office and the Federal Police are investigating Binance.

Allegedly, the cryptocurrency exchange assisted customers in evading a stop order on cryptocurrency derivatives investments.

According to a previous report from Portal do Bitcoin, the Securities and Exchange Commission of Brazil has been pressuring Binance to cease offering Bitcoin futures products to Brazilian customers.