In the current global context, where regulatory bodies are intensifying their scrutiny on Binance, the leading cryptocurrency exchange is now under the investigative radar in Brazil, among other countries.

Alfredo Gaspar, a Deputy of the Brazilian Chamber of Deputies, has initiated the call for Guilherme Haddad, the Director of Binance Brazil, to participate in the Brazilian parliamentary hearings. These sessions form part of an ongoing Parliamentary Commission of Inquiry (CPI) examining purported pyramid schemes within the country.

Scheduled for a vote by CPI members on June 27, the requisition made on June 21 could lead to Haddad appearing before the Brazilian Chamber of Deputies. If sanctioned, this will place Binance further into the global spotlight of regulatory oversight, given its recent interactions with authorities in the US, France, the Netherlands, the UK, and now Brazil, emphasizing the company’s global regulatory pressure.

Gaspar has also expressed concerns that Binance may have been exploited by the pyramid schemes in Brazil to facilitate asset transfers.

In his words:

“We must delve into Binance’s operational scope, its relationship with B Fintech, and its engagement with firms under legal scrutiny for prejudicing Brazilian consumers. This will substantially link Binance to the current investigation.”

The reasons for summoning Haddad can be traced back to Binance’s increasing regulatory scrutiny worldwide. Authorities in Brazil explain that Binance is concurrently being examined by the Federal Prosecutor’s Office and Federal Police. Allegations are that the crypto exchange has been aiding clients in bypassing a prohibition on crypto derivatives investments.

It’s important to note that Brazil’s Securities and Exchange Commission has already urged Binance to halt the provision of Bitcoin futures products to Brazilian customers, as per a previous report by Portal do Bitcoin.

As of the moment, Binance has not issued any comment in response to Cointelegraph’s request.

It’s clear that as cryptocurrency becomes more mainstream, regulatory oversight and scrutiny increase correspondingly. Therefore, it’s crucial for crypto users and potential investors to stay informed about regulatory developments in their region. It will not only protect them from possible legal implications but also ensure they make informed decisions regarding their cryptocurrency investments. Furthermore, these ongoing regulatory investigations should serve as a reminder to other crypto exchanges and companies about the importance of regulatory compliance and the potential consequences of non-compliance.