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Brazil: Cryptocurrency Association calls for preventive measures against Banco do Brasil, Bradesco

 |  July 29, 2019
The Brazilian Association of Cryptocurrencies and Blockchain (ABCB) has sent a new request to the Administrative Council of Economic Defense (CADE) to issue a preventive measure, stopping the main banks in the country from closing the accounts belonging to cryptocurrency companies.

The new petition was sent on Thursday, July 25 to the antitrust authority, including information regarding the accounts that have been closed belonging to the operator Coinbr. Likewise, Coinext revealed to CADE that two of its accounts have been closed by Bradesco.

The conduct, according to a document sent to the authority, has continued despite the administrative procedure that the association had already submitted to CADE. The Association also warned that this type of action has not only affected companies in the sector, but also natural persons that have some relationship with the market.

The ABCB had previously submitted a similar request, which was rejected by CADE, as it considered that “The indications of the practices, even if they exist, are insufficient to conclude the imminent and irreversible damage to the representative to justify an intervention.” The new request is expected to give the agency another chance to analyze the possibility of granting a preventive measure.
Full Content: Portal do Bitcoin

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