Santander loses appeal against Brazilian exchange
The important Spanish bank received the refusal of an appeal in relation to a decision of the Court of Justice of the State of Sao Paulo in a case against the Brazilian cryptographic exchange Fine Upheld
Santander was sued by the Brazilian stock Market Bitcoin in 2018, after the bank apparently closed the stock market account at its sole discretion. The financial entity that has branches in Latin America mentioned the concerns about the origin of the fund of the account due to the nature of the cryptographic activities.
At the moment, more than one million reais was blocked. Subsequently, the court ordered Santander to release the assets. Similarly, the bank must pay a monthly fine equivalent to 1% interest for funds that were blocked, which is equivalent to more than 200,000 reais.
The decision rejected an additional appeal and reconfirmed the previous ruling that forces Santander to return the funds and pay the fine. Undoubtedly, the exchanges of cryptographic currencies have had problems with the fact that the banks closed their accounts.
For their part, financial institutions consider that the digital currency industry is not regulated or is volatile to conduct business. Therefore, some banks have begun to reduce and even cease operations with different crypto exchanges.
For example, the Itau Corpbanca and Scotiabank banks blocked accounts for the Buda and CryptoMKT exchanges. In turn, the public bank Banco del Estado de Chile froze the Orionx account, as well as those of Buda and CryptoMKT.
L.Sáenz
Source: Cointelegraph
