Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines

Spread the love
Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines
5 (100%) 1 vote

Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines31 Oct 2018 12:01

Two major Brazilian banks have reopened the banking accounts of one of the local crypto exchanges experiencing banking issues recently, local crypto outlet Portal do Bitcoin reports Wednesday, Oct. 31.

The preliminary decision to reopen accounts in major banks Banco do Brasil and Santander Brasil for local crypto exchange Bitcoin Max was granted by the Federal District Court. The  judge ruled that the mentioned banks failed to notify the exchange of account closure, which was treated as “abusive conduct” violating consumer protection rules. The court then ordered to unlock the accounts within five days.

In case of non-compliance with the injunction, Santander Brasil would have to pay up to 5,000 Brazilian reals (about $1,300), and Banco do Brasil — up to 20,000 Brazilian reals (about $5,400). Leonardo Ranna, a lawyer for the crypto exchange, told local media that the accounts of Bitcoin Max and its partners were subsequently quickly reopened.

However, Portal do Bitcoin stresses that the legal battle is not over as the Federal District Court’s decision is only seen as a “preliminary” kind of injunction. Moreover, Banco do Brasil has also blocked the additional 120,000 Brazilian reals ($32,400) of Bitcoin Max’s funds. The court ordered to return them in 24 hours, according to the report.

As Cointelegraph reported in September,  Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE), started inspecting six major national banks, including Banco do Brasil and Santander Brasil, for alleged monopolistic practices in the crypto space. The watchdog tried to reveal whether Brazilian banks deliberately closed the accounts of local crypto exchanges following several complaints.

A month later, in October, CADE sent a questionnaire to ten Brazilian crypto exchanges whose banks accounts have previously been closed, with deadline to respond set for mid-October. The companies were requested to explain how their business functioned in Brazil and clarify if they were unable to open a bank account, or if the account was closed by some financial institution.

17 thoughts on “Two Brazilian Banks Reopen Accounts of Local Crypto Exchange to Avoid Fines

  • 28th November 2018 at 7:46 am
    Permalink

    The financial institution ought to revised and update the loan processing parameters and codecs which are used
    by lending division in order to be clearly understand capable of the purchasers.

    Reply
  • 29th November 2018 at 3:13 am
    Permalink

    The long and sophisticated lifecycle of spiny
    lobsters has supplied challenges for the establishment of
    a sustainable commercial aquaculture business.

    Reply
  • 8th December 2018 at 3:28 am
    Permalink

    You can also have physicians that are not board certified also do
    a congrats, at one time you will find non-board certified physicians who is able to get some things wrong, and as a
    result, cause significant injury. Silence is
    observed both as a possible indication of comfortable this and permit the opposite time
    to think. The name of the game is marketing – something nobody shows you
    in law school.

    Reply
  • 8th December 2018 at 1:00 pm
    Permalink

    I’ve been exploring for a little bit for any high-quality articles or
    blog posts on this kind of house . Exploring in Yahoo I at last
    stumbled upon this site. Reading this info So i am glad to express that I have an incredibly excellent
    uncanny feeling I found out exactly what I needed.
    I most indisputably will make sure to do not overlook this site
    and provides it a look on a relentless basis. http://decorative-concrete-walkw14702.free-blogz.com

    Reply
  • 8th December 2018 at 1:01 pm
    Permalink

    I’ve been exploring for a little bit for any high-quality
    articles or blog posts on this kind of house . Exploring in Yahoo I at last stumbled upon this site.
    Reading this info So i am glad to express that I have an incredibly excellent uncanny feeling I
    found out exactly what I needed. I most indisputably will make sure to do not overlook this site and provides
    it a look on a relentless basis. http://decorative-concrete-walkw14702.free-blogz.com

    Reply
  • 9th December 2018 at 11:41 pm
    Permalink

    1. Poinsettia finest represents the Christmas holidays.

    Reply
  • 9th December 2018 at 11:42 pm
    Permalink

    Our free same-day delivery service is on the market between 9 am to 6
    pm. Whether you are in Bedok , Holland Village , Tampines , Thomson Street , Ang Mo Kio , CBD ,
    Toa Payoh , Jurong , Tiong Bahru , Novena , Orchard or Sentosa, we have your back.

    Reply
  • 10th December 2018 at 6:43 am
    Permalink

    Thanks for sharing this with us. Nice job with words and the pictures and video
    are certainly pretty in sight, thought and thoughts.

    Reply
  • 10th December 2018 at 7:02 am
    Permalink

    Organize for a flower supply to Dubai on-line for your loved ones, buddies and family members.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *