The deputy claims that Binance was utilized by pyramid schemes in the country to facilitate asset transfers.
Additionaly, the Securities and Exchange Commission of Brazil has already been pressing Binance to stop offering Bitcoin futures products to Brazilian customers.
The largest crypto exchange is also currently under investigation by the Federal Prosecutor’s Office and the Brazilian Federal Police, as Binance allegedly helped clients evade a stop-order investments on crypto derivatives investments.
This development in Brazil comes amid a global regulatory crackdown on the platform. Binance has faced scrutiny from authorities in the United States, France, the Netherlands, the United Kingdom, underscoring international attention on the company.
Hell of a month for Binance