The committee may only make suggestions on the indictments of the executives, while the Brazilian police will decide on how to move forward.
Binance executives may get indicted by Brazilian authorities in a new blow to the exchange expansion ambitions.
Binance execs under possible fire
Brazilian congressional committee is recommending the indictment of Binance executives including CEO Changpeng Zhao, Binance Brazil general director Guilherme Haddad Nazar, and Latin America institutional relations director Daniel Mangabeira.
The committee may only make suggestions on the indictments of the executives, while the Brazilian police will decide on how to move forward.
Zhao and three local Binance workers were charged by the committee with fraudulent management, offering or trading securities without permission, and running a financial institution without authorization which are “crime against the national financial system.”
Read more: Binance roadblocked in UK after FCA adds partner to ‘Warning List’
In the report that accompanied the committee’s recommendations on Monday, lawmaker Ricardo Silva claimed that Binance is “surrounded by suspicion” in Brazil.
Valor Economico reports that petitions have been filed to Brazil’s Federal Police, Federal Revenue, and Federal Public Ministry to continue looking into firms like Binance.
“Binance has remained committed and collaborative with the commission seeking constructive debate on the industry’s challenges in the interest of users and benefit of society overall. We strongly reject the exposure of our users or employees with baseless accusations of bad practices and the attempts to make Binance a target,” Binance said in an emailed statement to Blockworks.
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