Odaily Planet Daily reported that a Brazilian congressional committee recommended that law enforcement agencies file charges against Binance CEO CZ and three other Binance executives. The commission issued an investigative report after investigating a Brazilian pyramid scheme that said Binance set up an opaque network of legal entities designed to evade compliance requirements. The report accuses CZ and some senior executives of fraudulent management practices, operating without adequate authorization and providing unauthorized securities transactions. Additionally, the report recommends the prosecution of 45 other individuals with ties to multiple crypto companies, citing “strong evidence” of their alleged involvement in criminal schemes.
Binance said they will cooperate with the Brazilian Commission and law enforcement, but strongly reject the baseless accusations. It is important to note that these recommendations are not legally binding and final action will be determined by law enforcement authorities. (Cointelegraph)