Brazilian Authorities Summon Binance Executive Over Regulatory Issues

Binance, the largest cryptocurrency exchange in the world, is facing problems from government officials in Brazil. This is just the latest in a series of issues the exchange is facing around the world.

Binance's executive head in Brazil, Guilherme Haddad Nazar, has been asked to appear in court. He will be a witness in a case about pyramid schemes, according to a report by the Brazilian news outlet Portal do Bitcoin. A Brazilian official, Deputy Alfredo Gaspar, made this request. He said some companies that were part of pyramid schemes used Binance to move their assets. 

Deputy Gaspar added:

"Binance is very much linked to this case, and it is important to understand its work in Brazil. This includes its relationship with B Fintech (its official representative) and its ties to companies that are in court for harming Brazilian consumers."

Deputy Gaspar also mentioned that Binance is having legal problems in other countries, especially the United States. And in Brazil, the country's Securities and Exchange Commission is looking into Binance for selling products in the derivative market without a license.

The request to bring in the Binance executive was made on June 21, and other members of the case will need to agree to it. They will decide at their next meeting on June 27. 

Binance's problems are not limited to Brazil. It has had to close down its operations in the United Kingdom, Cyprus, and the Netherlands because it couldn't get a license. Also, it's under investigation in France for possible money laundering. In the U.S., the Securities and Exchange Commission is accusing it of operating without a license and fraud.

Most recently, Binance US has accused the U.S. SEC of making false statements about how the exchange controls its assets. 

In other news, the total market value of all cryptocurrencies has increased by 14.45% in the last week, according to Coinpaprika.