RATE Group | Brazilian Cryptocurrency Exchange Wins Case Against Bank Who Closed Account
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Brazilian Cryptocurrency Exchange Wins Case Against Bank Who Closed Account

02 Aug Brazilian Cryptocurrency Exchange Wins Case Against Bank Who Closed Account

Posted at 05:44h in Cryptocurrency News by

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brazil bitcoin cryptocurrency exchange

Brazilian cryptocurrency exchange Walltime has recently won a court battle against local bank Caixa Econômica Federal, forcing it to unfreeze its account holding more than $200,000 worth of funds.

Crypto Exchange Walltime Wins Preliminary Injunction Against Hostile Bank

According to local news outlet Portal do Bitcoin, Walltime won a preliminary injunction, meaning the court’s decision isn’t yet final but nevertheless lets the exchange use the funds on its account to keep on serving clients in the interim.

Speaking to the news outlet, Graziela Brandão, Walltime’s lawyer, revealed the court’s decision was important as Walltime had over 800,000 reals ($212,000) in its account and wasn’t able to process customer deposits because it was frozen. She was quoted as saying (translated):

“Given that the nature of Walltime’s activity requires an open bank account in as many institutions as possible to facilitate 24/7 negotiations, Walltime suffered a lot of damage in…

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