Binance Brazil Boss Summoned: A Thrilling Testimony in Congress Awaits

• Binance’s Brazil Director, Guilherme Haddad, has been summoned to testify before the Brazilian Congress by a member of the Small Pyramids Parliamentary Investigation Commission (CPI).
• The request is part of an ongoing investigation into alleged pyramid schemes operating in the country.
• Binance has recently faced scrutiny from authorities in the United States, France, the Netherlands, the United Kingdom, and Brazil.

The Brazil Director of Binance, Guilherme Haddad, has been called to testify before the Brazilian Congress by Alfredo Gaspar, a member of the Small Pyramids Parliamentary Investigation Commission (CPI). The request is part of an ongoing investigation into alleged pyramid schemes operating in the country. Binance has recently faced scrutiny from authorities in the United States, France, the Netherlands, the United Kingdom, and Brazil.

Binance Under Investigation in Brazil

According to Brazilian news site Portal do Bitcoin, if the vote is approved, Haddad will appear before the lower house of the Brazilian Congress, the Chamber of Deputies. Binance has recently faced scrutiny from authorities in the United States, France, the Netherlands, the United Kingdom, and Brazil, highlighting the multinational pressure on the company. Gaspar, who invited Haddad to testify before Congress, emphasized that Binance was used by pyramid schemes such as Ever Operations and Investments and Braiscompany to facilitate asset transfers.

Gaspar stated, “Understanding Binance’s operations, its relationship with B Fintech, and its relationship with companies facing legal action for harming Brazilian consumers is of vital importance, as it strongly links Binance to the ongoing investigation.” Authorities in the South American country explained that the purpose of the summons is due to the company facing scrutiny from regulators around the world.

Binance is also under investigation in Brazil by the Federal Prosecutor’s Office and the Federal Police. The cryptocurrency exchange is accused of helping customers evade a cease-and-desist order related to crypto derivatives investments. According to a previous report by Portal do Bitcoin, Brazilian regulator Comissao de Valores Mobiliarios (CVM) is pressuring Binance to stop offering Bitcoin futures products to Brazilian customers.