Crypto exchanges in Brazil have been dealt a significant blow as a major commercial bank, Banco Bradesco is refusing to abide by any agreement preventing the closures of <a href="https://www.cryptoknowmics.com/news/brazilian-mexican-regulators-strict-on-compliance-for-crypto-related-companies">crypto exchange</a> accounts. Throughout Latin America, a gush of difficulties is being experienced across trading platforms in maintaining banking commitments.

According to Hispanic cryptocurrency news outlet <a class="_e75a791d-denali-editor-page-rtfLink" href="https://www.criptonoticias.com/gobierno/judicial/bradesco-rechaza-acuerdo-casas-cambio-criptomonedas-brasilenas/" target="_blank" rel="noopener">Criptonoticias</a>, back in December 2019, Brazil’s Administrative Council of Economic Defence (CADE) stated that it wasn’t preposterous or out of line for Brazil banks to derive services from crypto exchanges. At the moment of time, CADE argued :

<strong>“There is no evidence of anti-trust crimes as a result of the rejection of some banks to establish contracts with certain cryptocurrency exchange [platforms] ”</strong>

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<h2><strong>Digital Assets Promoting Nefarious Activities in Brazil</strong></h2>
CADE’s December 2019 ruling was the antithesis of the previous outlook it had towards it that such actions are loaded with anti-trust elements. In response to this, the Brazil Association of Cryptocurrencies and Blockchain (ABCB) defined that the ruling is filled with <strong>“darkness, contradictions, and omissions. </strong>For Banco Bradesco in Brazil, digital assets carry a heck load of potential for money laundering and other nefarious activities. Thus, the bank is throwing all demands out of the window from the ABCB regarding account closures for crypto exchanges.

Apart from Banco Bradesco, other commercial banks in Brazil are also planning to go down the same path by closing down accounts belonging to crypto exchanges. Sao Paulo’s Court of Justice just recently dismissed an appeal filed by Mercado Bitcoin against the Bank of Brazil, who closed down its bank account.

However, Bitcoin max tasted victory and won a court battle to keep its accounts with Santander Bank. Back in April 2018, Chilean crypto exchanges experienced a sigh of relief as the Appeals Court ordered banks to reopen their accounts. At that time, crypto stakeholders in Brazil were agitated and railed against the trend of banks unwilling to offer banking support to virtual currency exchanges.

Brazil Crypto Exchanges May Soon Lose Banking Support

Cryptocurrency exchange in Brazil have been hit hard as one of Brazil's major bank has withdrawn its support and has backed out from any agreement.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Brazil Crypto Exchanges May Soon Lose Banking Support

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