Antitrust regulator investigates banks in Brazil
Six banking entities related to cryptocurrencies are being investigated for monopolistic practices
Due to lawsuits filed with the Brazilian association of blockchains and cryptocurrencies, the antitrust regulator opened an investigation to six Brazilian banks.
The authorities began the investigation on Tuesday, September 18th, in order to clarify the closing of accounts of houses of exchanges that operate with Bitcoin. The entities investigated are Banco Do Brasil, Banco Bradesco, Itaú Unibanco Holding, Santander Brasil and other related nationals.
The regulator, which operates under the Ministry of Justice and is named Administrative Council for Economic Defense (CADE), will establish whether the banks have engaged in monopolistic practices within the crypto space. In the complaints, they point to Banco Do Brasil as responsible for closing the Atlas Quantum platform.
The CADE has initiated a study in which it will be determined if the main banks in Brazil are restricting and prohibiting access to financial systems through crypts.
In their defense, the banks point out that “due to absences and lack of customer data, the brokerage accounts were closed, and these two data are fundamental requirements in the national laws against money laundering (AML)”.
Some of the entities investigated claim that their measures have been taken legitimately. However, the verdict of the CADE should still be awaited since it will yield more information.
M.Pino
Source: Marketing4Ecommerce
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