The case in which cryptocurrency exchange Binance and its founder, Changpeng Zhao (CZ), took responsibility for charges of crimes related to money laundering and economic infractions in the US is resonating among Brazilian parliamentarians.
Deputies with a large role in the CPI das Pirâmides Financeiras, in the Federal Chamber, highlighted their desire to access the process, stating that the case could also have repercussions on the country’s market, according to information from the Bitcoin Portal.
“This is a possibility that we are going to do, asking for the sharing of information”, highlighted deputy Ricardo Silva (PSD/SP).
In this article, we will discuss:
The members of the CPI das Pirâmides Financeiras approved the final report on October 9. The document called for the indictment of Guilherme Haddad Nazar and Daniel Mangabeira, executives of the cryptocurrency exchange Binance Brasil, as well as founder Changpeng Zhao (CZ).
The text highlighted suggestions from deputy Alfredo Gaspar (União-AL) for the Federal Public Ministry (MPF) to investigate Binance’s conduct for possible violations of the economic order, including crimes such as tax evasion and tax evasion, in addition to money laundering. and financing organized crime and terrorism.
“Binance set up the entire complex structure to avoid reporting to regulatory bodies and escape their determinations. To this end, it used the idea that its operation took place outside Brazilian territory and that, therefore, it was not subject to its legislation”, highlighted part of the report.
When commenting on the indictment request at the time in a note sent to Portal Cripto, the exchange stated that “it spared no effort to actively collaborate in the work of the CPI as it believed that the commission would contribute to a constructive debate on the challenges of the industry for the benefit of users and society in general.”
“We strongly reject, however, any attempts to turn Binance into a target, or even expose its users and employees, with allegations of bad practices without any proof, amid competitive disputes given the company’s leading position in Brazil and the world . Binance has been continuously working to proactively assist law enforcement authorities around the world and in Brazil to detect suspicious activity and combat crimes and financial offenses involving the cryptocurrency ecosystem. These efforts also include several concrete investigation cases and several training sessions offered to these authorities.”
CZ Leaves CEO Position in Billionaire Deal
Changpeng Zhao, founder of renowned exchange Binance, decided to step down from his role as CEO last month. This move came as part of a stunning $4 billion settlement reached between Binance, the United States Department of Justice (DOJ), and the Commodities Futures Trading Commission (CFTC), excluding the participation of the Securities and Exchange Commission (SEC). .
The agreement implied CZ’s admission of responsibility in the anti-money laundering charges raised by the DOJ. His guilty plea is expected to be formalized in federal court in Seattle at a session Tuesday afternoon, an event first reported by the Wall Street Journal.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.