Binance CEO Zhao Faces Indictment Recommendation in Brazil (1)

In the latest blow to Binance’s global ambitions, a Brazilian congressional committee has recommended the indictment of four of the company’s senior leaders, including its founder and CEO Changpeng Zhao.

The committee, which had been conducting a probe into crypto-related ponzi schemes in Brazil, can only make suggestions. Brazilian police will decide whether to proceed with actual indictments.

Read: Crypto’s Richest Man Faces Regulatory Crackdown, Brutal Crypto Winter

The committee accused Zhao and three local Binance employees of fraudulent management, of offering or trading in securities without prior authorization, and of operating a financial institution without authorization.

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