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02 June 2020

Brazil: Authorities Investigating Banks that Close Crypto Exchange Accounts

Brazil: Authorities Investigating Banks that Close Crypto Exchange Accounts


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The Administrative Council for Economic Defense (CADE), Brazil’s antitrust watchdog, elected to revisit the probing of some banks who closed the bank accounts belonging to local crypto exchanges. .

According to areportbyFinance Magnate on Thursday (May 21, 2020) the CADE moved to continue its probe into six major Brazilian banks who abruptly stopped offering financial services to crypto exchanges.

In Brazil, the relationship between banks and local virtual currency exchanges have been at loggerheads, coupled with the fact that there are no robust crypto regulations in the Latin American country.

If the banks’ actions were found to be arbitrary, they could be sanctioned and instructed to resume financial services for crypto exchanges. 

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