BRAZILIAN BANK THREATENS TO CLOSE CRYPTO EXCHANGES’ ACCOUNTS

Posted 10 January, 2020

BANCO BRADESCO IGNORES AGREEMENT TO STOP CRYPTO EXCHANGE ACCOUNT CLOSURES

Banco Bradesco, one of Brazil's largest commercial banks, refuses to implement any agreement that prevents cryptocurrency accounts from being closed, according to Latin American Cryptocurrency Criptonoticias.

Back in 2019 in late December, the Brazilian Bureau of Economic Protection (CADE) decided that banks should not illegally withdraw services from cryptocurrencies. At that time, CADE stated:

There is no evidence of antitrust crimes as a result of the rejection of some banks to establish contracts with certain cryptocurrency exchange [platforms].

 

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2019 December - CADE's decision was a departure from its previous position that sufficient antitrust elements were involved in such a practice. In response, the Brazilian Association of Cryptocurrencies and Blockchains (ABCB) described this decision as fraught with "darkness, contradiction, and omission."

Banco Bradesco's digital assets pose a serious risk of money laundering. Thus, the bank is reportedly willing to circumvent any of ABCB's requirements for closing accounts for cryptocurrency conversion.

In addition to Banco Bradesco, other commercial banks are also moving forward in closing cryptocurrency accounts. A São Paulo court recently rejected the appeal of the Brazilian cryptocurrency exchange Mercado Bitcoin against the Bank of Brazil after its recent decision to close its bank accounts.

As Brazilian cryptocurrency Bitcoin Max reported earlier, Bitcoin Max has won a lawsuit over the management of its accounts with Santander.

 

LATIN AMERICAN EXCHANGES UNDER THE COSH

The situation in Brazil seems to reflect a steady trend in Latin America, especially in countries such as Chile. According to Criptonoticias, Banco de Crédito e Inversiones, one of the commercial banks in Chile, has closed its accounts on the Chilebit cryptocurrency exchange.

Already in 2018 April The Chilean cryptocurrency exchange has received a deferral as the Court of Appeal ordered banks to open their accounts. At the time, cryptocurrency stakeholders in the country protested against the banks' tendency to refuse to offer bank support to virtual exchange offices.

However, in 2018, December. The Chilean Supreme Court ruled in favor of the National Bank of Chile in support of its decision to close the Orionx cryptocurrency account.

 

 

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