Brazilian Congress puts Binance CEO CZ in crosshairs for indictment

A Brazilian congressional committee has recommended local law enforcement relocation to arraign Binance CEO Changpeng “CZ” and 3 other Binance executives following a probe into financial pyramid plans in Brazil.On Oct. 10 the committee released a 500-page last report accusing Zhao and local Binance executives Daniel Mangabeira, Guilherme Haddad Nazar and Thiago Carvalho of deceitful management practices, operating without adequate permission and offering securities trading without permission. The committee suggested the Federal Public Ministry launch an examination into all of Binances Brazil-based operations with a specific focus on tax evasion, cash laundering and the funding of orderly criminal offense and terrorism.Additionally, the committee suggested Brazils Securities and Exchange Commission (CVM) introduce an investigation into Binances sale of derivatives products.” The regulatory hostility against Binance comes in the middle of a broader crackdown on the exchange by authorities elsewhere.In the United States, Binance is gazing down two separate claims from the local products and securities regulators, which allege that Binance and its leading executives violated many monetary regulations.In July, Australias financial regulator searched Binance Australias offices after having its derivatives license removed months prior.