Headed by Haddad's nephew, Binance Brasil does not enter into new taxation of exchanges

Headed by Haddad's nephew, Binance Brasil was not included in the taxation regime for crypto exchanges, a document signed by Haddad declares the company as 'outside the scope of inspection'.

The Federal Revenue of Brazil (RFB) published this Wednesday, the 26th, in the Official Gazette of the Union, new guidelines regarding income tax and withholding tax on gains obtained with Bitcoin and other cryptocurrencies.

Among the new guidelines, the Federal Revenue highlighted that cryptocurrency exchanges domiciled in Brazil must collect the tax directly at source, with rates varying between 15% and 22.5%. This applies to operations such as staking and other forms of income, where the user lends their cryptocurrencies temporarily in exchange for interest.

National brokers will be primarily affected by the measure, however, Binance, the largest cryptocurrency exchange in the world and also responsible for a large share of cryptoactive transactions carried out in Brazil, is not included in the new regime.

Headed by Guilherme Haddad Nazar, nephew of Fernando Haddad, Binance Brasil, an arm of the global exchange that operates in the country, is considered a foreign company without headquarters in Brazil according to its domicile policy.

Reported by Portal do Bitcoin, Haddad signed a document from the Ministry of Finance that states that Binance is 'outside the reach of the Federal Revenue for investigations and other inspections', claiming that the company 'does not have domicile in the country'.