One of Brazil’s largest banks, Banco Bradesco, has refused to honor any agreements on the unhindered service of cryptocurrency exchanges, reports Bitcoinist according to local media.
At the end of December 2019, the Brazilian Governing Body for Economic Defense (CADE) ruled that banks cannot illegally terminate servicing crypto exchanges.
At the same time, the agency noted that in the event financial institutions refuse to work with certain platforms, this will not be considered as a violation of antitrust laws.
The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) described the ruling as being full of “darkness, contradictions, and omissions.”
Banco Bradesco is one of the largest banking companies throughout Latin America. This is not the first bank moving ahead with shutting down accounts belonging to crypto exchanges. The São Paulo court recently rejected the appeal filed by the Brazilian exchange Mercado Bitcoin against the Bank of Brazil after the latter decided to close the platform’s bank accounts. Another exchange, Bitcoin Max, managed to win a lawsuit to keep its accounts at Santander Bank.
Last summer, the Brazilian Federal Revenue Secretariat ordered both local and international cryptocurrency exchanges to transmit user transaction data to the agency.