Brazil’s Congress puts Binance CEO CZ in crosshairs for indictment

A Brazilian congressional committee has recommended local law enforcement move to indict Binance CEO Changpeng “CZ” and three other Binance executives following a probe into financial pyramid schemes in Brazil.

On Oct. 10 the committee released a 500-page final

Binance said while it welcomed constructive debate about the challenges facing the crypto industry, it “strongly rejects the exposure of our users or employees with baseless accusations of bad practices and the attempts to make Binance a target.”

The regulatory hostility against Binance comes amid a broader crackdown on the exchange by authorities elsewhere.

In the United States, Binance is staring down two separate lawsuits from the local commodities and securities regulators, which allege that Binance and its top executives violated numerous financial regulations.

In July, Australia’s financial regulator searched Binance Australia’s offices after having its derivatives license stripped months prior. In May, Binance made an exit from Canada citing the country’s new regulatory controls.

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