Brazil Will Protect Crypto Companies from Banks
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Sept. 19, 2018

The Brazilian antitrust regulator has launched an investigation into the largest banks suspected of unreasonably refusing to cooperate with crypto companies. The Administrative Council for Economic Defense (CADE) drew attention to the problem after the appeal of the Brazilian Blockchain and Cryptocurrency Association (ABCB), which received several complaints from bitcoin brokers.

The association, in which the country defends the interests of the crypto sphere, referred to several complaints in its appeal. As an example of harassment, the case of closing the account of the local trading platform Atlas Quantum in Banco do Brasil was given. As a result, banks Banco do Brasil, Banco Bradesco, Ita├║ Unibanco Holding, Banco Santander Brasil, Banco Inter and Sicredi Bank were suspected of harassment.

Financial institutions have their own version of what happened. Banks of Brazil respond to the charges saying that they are forced to close accounts of crypto companies because they do not provide mandatory data about their users, which are required in accordance with the rules and laws to combat money laundering.

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  • The antimonopoly authority is sure that banks should suppress illegal activities, but this does not mean that restrictions should be imposed on all operations with cryptocurrencies. So financial institutions need to learn how to find illegal transactions and suppress them, rather than trying to oppress a whole crypto industry.
  • The banks themselves are sure that they do not commit anything illegal. Their representatives stated that they adhere to the practices based on moral principles and respect for free competition.
  • Crypto companies have faced a similar situation in different countries, for example, in Australia, Chile, New Zealand, Bulgaria, and other countries. In some countries, the accounts of crypto companies are closed by the financial regulators themselves. For example, this situation has already developed in India.
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