Binance may face new hurdles in Brazil, on behalf of the two big allegations against its alleged role in suspicious activities.
Binance is a global crypto exchange and this exchange is top in the crypto sector, in terms of total 24-hour crypto trade volume on the platform. In Brazil, Binance provides services via Binance Brazil.
Reportedly Alfredo Gaspar, the deputy minister of Brazil, has called for Guilherme Haddad, the head of Binance Brazil, to testify before parliament in a probe into suspected pyramid schemes in the nation.
Allegedly, Binance Brazil’s services were supporting pyramid schemes in Brazil with asset transfers via its platform. Alternatively, we can say that crypto pyramid scheme platforms were using Binance Brazil’s services. Recently São Paulo Justice seized nearly $500k which was linked with that mentioned pyramid scheme.
Binance Brazil is also facing an investigation for the last two months over allegedly assisting clients in bypassing a ban on cryptocurrency derivatives investments.
These things are clear hints that Binance is going to face huge legal hurdles in Brazil shortly, which is not a new thing for Binance.
BinanceUS in the US
BinanceUS is an independent subsidiary of Binance.com. 15 days back the United States Securities Exchange Commission (SEC) sued Binance & its subsidiary over providing unregistered securities offerings.
The BinanceUS team delisted nearly 100+ crypto trade pairs from the exchange, to comply with the SEC’s securities laws Act.
Today BinanceUS hired former prosecutor M. Kendall Day at DOJ to defend the firm in the SEC lawsuit. Kendall’s history is impressive, as he served for the DOJ’s Criminal Division.
This is a bitter reality that Binance is under a very big legal hurdle but it is also a reality that the Binance team always helped government agencies at all possible levels to help them to catch illegal crypto activities & also trace the bad actors.
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