Bradesco is one of the largest banks in Brazil and in today’s blockchain news we read more why the bank decided to shut down all of the banking accounts of crypto exchange Bitblue by the end of February.
Bitblue will face a shutdown of all of its accounts on February 26 and the decision goes to all of the private accounts of the exchange’s owners. The CEO of Bitblue, Ediso Pereira said that the company had other accounts in four different financial institutions so this decision won’t stop the bank’s actions.
The local Association of Crypto and Blockchain has reported the case to the Brazilian Administrative Council for Economic Defense where the ABCB claims that the bank has violated the agreement and the rules of free competition.
CADE launched a probe against multiple national banks including Bradesco and Banco Do Brasil in late September 2018 because of complaints about the shutdown of banking accounts proving that there is some monopolistic behavior in the crypto space.
Back in October 2018, the CADE did a review on all of the recent activity of the exchanges themselves and filed a questionnaire to about ten companies that claimed their rights were violated by the banks. Some of the exchanges that found themselves on the list of their rights being violated are Walltime, Braziliex, BitBlue, Open Digital Capital, Profitfy and Bitcambio.
Banco do Brasil was forced to later reopen the accounts in October 2018 for the Bitcoin Max crypto exchange after a judge ruled that the before mentioned banks failed to notify the exchanges for the closure of the accounts.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post