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Reuters: Brazilian Antitrust Agency conducts inspections of Major Banks because of crypto trade practices

Reuters report on September 18 says about the inspections of 6 Brazilian banks conducted by antitrust agency because of possible experience in cryptocurrency trading. The regulatory agency in Brazil, the Administrative Council for Economic Defense, decided to launch a probe to check if all of 6 large banks have closed brokerages accounts that traded in […]

By - September 21, 2018
Brazilian banks

Reuters report on September 18 says about the inspections of 6 Brazilian banks conducted by antitrust agency because of possible experience in cryptocurrency trading.

The regulatory agency in Brazil, the Administrative Council for Economic Defense, decided to launch a probe to check if all of 6 large banks have closed brokerages accounts that traded in BTC.

Such an investigation of CADE was organized because of the complaints received by the Brazilian Blockchain and Cryptocurrency Association. According to the complaint, one of the banks decided to close the account of Atlas Quantum, a platform that trades cryptocurrency in Brazil.

This probe was initiated by CADE with the goal to carry out inspections of 6 large banks.
The report of the antitrust agency says that access to the finances of broker platforms is either restricted or prohibited by banks. The latter explain closing of the accounts by a small amount or absence of client data that must be provided in accordance with the state anti-money laundering laws.

The expert of the agency told Reuters that banks have a right to impose restrictions to clients if any indication of their criminal activity exists. At the same time, it is not fair to restrict access to accounts to every crypto company until the examination of the compliance level and fraud prevention measures are made.

The response of two banks is meaningful and clear. The largest bank in the country and even continent Banco do Brasil is focused on competitive practices held on the basis of ethical laws and respect for free competition, while Itaú Unibanco is sure that its actions are within legal frames.

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