The Brazilian Administrative Council for Economic Defense (CADE) sent out a questionnaire to ten cryptocurrency exchanges whose bank accounts were previously closed.
According to Valor Economico, the questionnaire was sent to Bitcoin Market, Bitcambio, BitcoinTrade, Foxbit, Walltime, Braziliex, BitBlue, Open Digital Capital, e-juno, and Profitfy. Companies must submit their responses to CADE before October 19. Otherwise, they will be fined daily the amount of 5,000 Brazilian reals. The fine can reach 100,000 Brazilian reals (around $25,800).
Previously, CADE sent a request to six large banks to determine whether they closed accounts of cryptocurrency exchanges. According to banks, the activity of cryptocurrency exchanges does not comply with the National Classification of Economic Activity.
The exchanges will have to explain how they function, whether their bank account was closed by a financial institution, or whether they could not open it. Also, exchanges should inform CADE how they described their activities during the bank account registration.
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