RATE Group | Brazil’s Antitrust Watchdog Probes Banks for Restricting Crypto Exchanges
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Brazil’s Antitrust Watchdog Probes Banks for Restricting Crypto Exchanges

20 Sep Brazil’s Antitrust Watchdog Probes Banks for Restricting Crypto Exchanges

Posted at 09:48h in Cryptocurrency News by

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Brazil cryptocurrency

Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (CADE), has recently launched an investigation into whether the country’s banks are purposefully harming cryptocurrency exchanges by restricting their operations.

According to Reuters, the investigation is set to find out whether the banks abused their position in the market to harm the crypto exchanges’ businesses in alleged monopolistic practices. Banks set to be investigated include Banco do Brasil, Banco Bradesco, Itau Unibanco, Banco Santander Brasil, and more.

The investigation was reportedly requested back in June by the Brazilian Association for Cryptocurrency and Blockchain (ABCB), after the bank accounts of Atlas Quantum were closed. As CCN covered, Atlas was hacked last month and saw the data of 264,000 users get leaked. The company itself is seen by some as a Ponzi scheme.

Per CADE, the country’s banks are “imposing restricting or even prohibiting… access to the financial…

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