<

Binance Brazil’s director resigns after seven months, has anything to do with recent regulatory crackdowns?

In a LinkedIn post, Ricardo Da Ros, Binance Brazil’s director, said he had submitted his resignation after seven months at the company.

binance-brazils-director-resigns-after-six-months-has-anything-to-do-with-recent-regulatory-crackdowns

Source: Linkedin

Binance Brazil’s director Ricardo Da Ros announced his resignation Wednesday after seven months at the company

Referring to the reason for leaving, Da Ros said: “There was a misalignment of expectations about my role and I made the decision according to my personal values.”

Although he quit his job because of differences of opinion or no mutual agreement, the former CEO still has good words for Binance. He said he personally hopes Binance will become a template for the global crypto market.

“I just wish them luck in their next steps so that the company can follow a positive path in the Brazilian market”, he added.

Before joining Binance in January 2019, Da Ros launched the Argentinian crypto exchange Ripio operation in Brazil, based on his LinkedIn profile.

binance-brazils-director-resigns-after-six-months-has-anything-to-do-with-recent-regulatory-crackdowns[1]

At the moment, Da Ros has not revealed anything more about his decision to resign, but with an open attitude to sharing on social networks, perhaps this is a peaceful farewell.

The U.S. Department of Justice wants Binance to stop seeking praise for curbing cybercrime

CEO Changpeng Zhao posted a letter of commendation that Binance received from a U.K. police unit in late June – just days before the Financial Conduct Authority issued a consumer warning about a Binance subsidiary.

Many thought the move was strange as Binance asked US government agencies for their thanks. While the exchange itself is being investigated for tax evasion and money laundering. And it seems that the world’s largest cryptocurrency exchange has been reaching out to authorities globally, seeking praise for their efforts in cutting down on crypto-related criminal activity. However, the Department of Justice (DoJ) was not satisfied with those requests.

DoJ asked the Federal Bureau of Investigation and other federal agencies not to send thank you notes to Binance for its assistance in criminal probes. They claim that the world’s largest cryptocurrency exchange is actually required by law to aid investigations into illicit cryptocurrency transfers.

“Binance is bound by law to assist with criminal investigations. Therefore, notes of appreciation should not be required from any department”, according to the DoJ’s internal communications.

Cryptocurrency exchanges have been facing increasing pressure globally due to the lack of regulation in many countries. However, the exchange has played an important role in curbing criminal activity through its exchange. Something the exchange has been actively promoting in recent times.

While it might seem like a trifle, the DOJ’s refusal to thank Binance may indicate that the U.S. government is adopting an increasingly hawkish attitude toward the exchange.

Letters of commendation can be used to demonstrate that Binance is doing everything in its power to assist government agencies in curbing crypto crime. However, that hasn’t stopped some countries from taking action against the exchange.

As AZCoin News reported, Japan’s Financial Services Agency has warned Binance for operating in the country without a proper license. And right after that, the UK’s Financial Conduct Authority has warned consumers against using Binance, mostly because it does not hold a license to operate in the UK. Furthermore, due to increased scrutiny around the world, Binance has now come under review by the Monetary Authority of Singapore (MAS). The Thailand SEC has taken it one step further by filing a criminal complaint against the exchange.

And recently, Italy’s watchdog group has issued a warning to Binance about offering services in the country, as AZCoin News reported.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS