Brazil: Cryptocurrency Wins! Court Orders Banks to Reopen Exchanges’ Accounts

In two separate lawsuits, Federal Courts in Brazil have ordered Banco do Brasil and Banco Santander to reopen the bank accounts of Bitcoin Max cryptocurrency exchange. The banks had initially closed down the accounts of the exchange in September.

A Small Win for Cryptocurrency

According to Portal do Bitcoin, the banks complied with the injunctions and re-instated the accounts. In the case against Banco Santander, the lawsuit is before the 3rd Civil Court of Brasilia. The Judge initially denied the exchanges’ petition against the account closure, at which point its lawyers appealed the decision to a TJDFT Judge.

The Federal Court granted the petition on the basis that the bank’s refusal to issue a prior notice of the closure is a breach consumer protection law. The court ordered the bank to reopen the accounts within five days or pay a fine of $1,300.

The lawsuit against Banco do Brasil is before the 2^nd Special Civil Court of Brasilia. Along with closing the exchanges’…