
Brazil to Investigate Banks Refusing Service to Crypto Companies
Brazilian banks that have refused to provide services to cryptocurrency businesses are now facing scrutiny from local authorities, as highlighted in a recent report.
On May 20, the Administrative Council for Economic Defense (CADE) decided to revisit the case involving local banks that allegedly deny services to cryptocurrency firms. This legal action was initially initiated in 2018 by the Associação Brasileira de Criptoativos e Blockchain (ABCB), a blockchain non-profit organization based in São Paulo. The case was prompted by Banco do Brasil’s closure of the account belonging to the crypto exchange Atlas, claiming an “administrative decision” as the reason.
The investigation into these banking practices reflects the ongoing challenges cryptocurrency companies face in securing essential financial services within Brazil.