Brazil Authorities Calls on Big Exchanges in Fight Against Scams

Brazilian politicians have called in the leaders of major crypto exchanges including Binance, Bitso, and OKX to discuss in parliament. They aim to understand more about cryptocurrency and related scams.

A special committee for "crypto-based financial scams" has prepared a list of 38 people to attend the meeting. This list includes experts in cryptocurrency and those involved in running these exchanges.

One goal is to understand more about how cryptocurrency and related scams work. They believe that representatives from crypto exchanges could help in this process. People invited to this meeting include Guilherme Haddad Nazar, head of Binance in Brazil.

Other exchanges like KuCoin, Coinbase, Liqi Digital Assets, and Bitget were also asked to attend. Bitso, a major Latin American trading platform, and Foxbit, who is working on a digital real project with Brazil's Central Bank, are also on the list.

Some attendees are linked with big suspected crypto scams in Brazil, like GAS Consultoria, Atlas Quantum, and Indeal. Notably, Indeal collected about $193 million from investors before going bankrupt in February.

Also invited are crypto supporters like Fernando Ulrich, author of a popular Brazilian book about Bitcoin, and Thiago Nigro, known as Primo Rico, who helps explain the workings of the market with his firm Rico Investimentos.

Lawmakers also want to discuss how big tech firms and mainstream media outlets can fight the rise in crypto scams. Some feel that these platforms are not doing enough to stop scam advertisements, with lawmakers suggesting they should invite regional heads of Meta (who runs Instagram, Facebook, and Whatsapp), Google, Telegram, TikTok, Twitter, and top national broadcast networks. However, attempts to bring in IT and media leaders have been put off for now.