Brazilian Congress intends to bring charges against Binance executives
Brazilian Congress intends to bring charges against Binance executives
A Brazilian congressional committee has filed charges against three representatives of cryptocurrency exchange Binance: CEO Changpeng Zhao, Brazil General Director Guilherme Haddad Nazar, and Latin America Institutional Relations Director Daniel Mangabeira.
The charges relate to fraudulent management and financial transactions without regulatory authorization. Binance is also suspected of crimes against Brazil's national financial system.
According to Coingape, these are not yet charges, but rather the committee's recommendation to file charges. The Brazilian police must determine the appropriateness of these actions and decide how to proceed. The committee compiled a 508-page report with references to questionable cryptocurrency transactions.
Binance's comments completely refute these allegations. The cryptocurrency exchange stressed its ongoing commitment to cooperate with the regulator. Binance expressed outrage at the "baseless accusations" that could tarnish its reputation. Meanwhile, the company specifically drew the committee's attention to its robust compliance program and emphasized its cooperation with authorities in various countries on cybersecurity issues.
Binance is a recognized leader in the crypto market. The company ensures compliance with and adherence to evolving global regulations. Binance recently announced a partnership with Rebuildingsociety.com to comply with the UK's Financial Conduct Authority's (FCA) marketing requirements. However, the FCA has placed restrictions on Rebuilding Society. And while Binance has strategically pulled out of Russia, it has struck a deal with CommEX, which continues to operate in the country in defiance of sanctions.
Read more: Bitstamp leaves Canada.
