Brazilian court authorizes the closing of the Bitcoin Market exchange

The exchange had sued Banco Do Brasil in 2018 due to the closure of its bank account

A court in the city of Sao Paulo authorized Banco Do Brasil to close the Bitcoin Market exchange account, a fact that represents a victory for banking institutions.

Judge Camila Rodrigues Borges, head of the 19th Civil Court, pointed out that the financial institution did not commit any illegality by rescinding the current account agreement with Bitcoin Market.

Bitcoin Market has become one of the most popular exchange houses within Brazil. In March 2018, legal actions were initiated against the bank because the bank did not present a reason that would justify closing its current account.

Brazilian banks have closed the accounts of several cryptocurrency exchange houses, claiming they have not done enough to avoid money laundering.

Among the most prominent are Banco de Brasil, Bradesco, Itaú Unibanco, Banco Santander, Inter and Banco Cooperativo Sicredi. On the other hand, the affected exchanges were BitCambio, Braziliex, Bitcoin Trade, Digital Capital Aberto, E-Juno, Profitfy and BitBlue.

K. Tovar

Source: Coincrispy

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