Brazil Demanded Coinbase, Binance Provide Operational Details to Brazil Crypto Service Providers
The department for taxation in Brazil recently mentioned the top global cryptocurrency exchanges, and demanded that they provide details about their partnerships and how they operate with the providers of cryptocurrency service in Brazil.
Some of the global cryptocurrency exchanges that were mentioned are: Coinbase, Kucoin, Binance, OKX; all of these cryptocurrency exchanges aren't settled in Brazil, however they are operational in Brazil.
Chavez Andrea, who is the deputy secretary of investigation, with regards to revenue operations in Brazil, pointed out that this action was for the Brazilian authorities to know how these cryptocurrency exchanges function in Brazil, and know if taxation laws are being followed.
Andrea emphasized that it was important for the Brazilian authorities to know primarily whether or not there are fraudulent activities with the operation of these crypto exchanges in Brazil, and whether Brazilians pay their taxes accordingly.