Binance Under Fire in Brazil with Cláudio Rabin

News broke last week that the CVM, the Brazilian SEC, referred Binance to federal prosecutors for allegedly offering crypto derivatives products to Brazilian customers in defiance of a cease and desist order. Further reporting this week has revealed that the CVM’s inquiry began in June 2022 after a Binance customer service representative told a Portal do Bitcoin reporter, posing as a trader, that he could access the derivatives products by simply changing the language on the Binance interface from Brazilian Portuguese to Portuguese from Portugal. In December 2022, the CVM referred the matter to federal prosecutors in São Paulo for further investigation asserting that there appears to be evidence of criminal activity. I asked Cláudio Rabin, editor-in chief of Portal do Bitcoin, to come on and discuss what his team has learned about these investigations over the last week. Cláudio also discusses his team's extensive reporting into Binance's opaque operating structure in Brazil, which is centered around a shell entity called B Fintech. Please follow and subscribe to Brazil Crypto Report on Substack for more news, analysis and interviews examining the Brazil crypto ecosystem.