Reuters: Brazilian Antimonopoly Authority To Check Banks For Harassment Of Crypto Companies
The Administrative Council for Economic Protection (CADE), which serves as the antitrust agency in Brazil and reports to the Ministry of Justice, allegedly opened an investigation on Tuesday to find out if the country’s largest banks closed the accounts of brokers dealing with bitcoin trading.
According to Reuters, CADE began its investigation at the request of the Brazilian Blockchain and Cryptocurrency Association, which received several complaints. One of them says that Banco do Brasil has closed the account of the local crypto-trading platform Atlas Quantum.
As part of an ongoing investigation, CADE will inspect major registered banks in including Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding, Banco Santander Brasil, as well as the unlisted Banco Inter and Sicredi cooperative bank.
Reuters cites a CADE post that says: “Leading banks are restricting or even blocking access to the financial system for cryptocurrency brokers.” Banks allegedly responded by saying that they were forced to close accounts due to the lack of important customer data required by anti-corruption laws. money laundering in brazil.
An expert from the department told Reuters: “Illegal activity must be suppressed, and banks must take restrictive measures if indicators are identified that indicate that the account holder has committed a crime. However, it seems unreasonable on the part of banks to impose restrictive measures on the grounds that the company operates in the cryptocurrency sector without examining the level of compliance and anti-fraudulent practices used by each individual brokerage firm. “.
Following the announcement of an investigation, Banco do Brasil, the largest bank in Latin America by assets, told Reuters that it “adheres to practices based on moral principles and respect for free competition.” Itaú Unibanco said he was “confident that his behavior will be recognized as lawful”.
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