RATE Group | Brazilian Bank Threatens to Close Crypto Exchanges’ Accounts
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Brazilian Bank Threatens to Close Crypto Exchanges’ Accounts

10 Jan Brazilian Bank Threatens to Close Crypto Exchanges’ Accounts

Posted at 00:49h in Cryptocurrency News by

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Crypto exchanges in Brazil may soon lose banking support as a major commercial bank has refused to abide by an agreement preventing the closure of cryptocurrency exchange accounts. Across Latin America, crypto trading platforms continue to experience difficulties maintaining banking relationships.

Banco Bradesco Ignores Agreement to Stop Crypto Exchange Account Closures

According to Hispanic cryptocurrency news outlet Criptonoticias, Banco Bradesco — one of Brazil’s major commercial banks, is refusing to honor any agreement preventing the closures of crypto exchange accounts.

Back in late December 2019, Brazil’s Administrative Council of Economic Defense (CADE) ruled that it was not illegal for banks to withdraw services from crypto exchanges. At the time, CADE argued:

There is no evidence of antitrust crimes as a result of the rejection of some banks…

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