Brazilian bank planning to close crypto exchanges’ accounts

Banco Bradesco has refused to abide by an agreement preventing the closure of cryptocurrency exchange accounts.
The bank believes that digital assets pose serious money laundering risks.

Rajarshi Mitra Independent Analyst

One of Brazil's major commercial banks, Banco Bradesco, has refused to honor any agreement that prevents the closures of crypto exchanges, according to cryptocurrency news outlet Criptonoticias. Earlier in December, the Administrative Council of Economic Defense (CADE) had stated that it wasn’t illegal for banks to withdraw from crypto exchanges.

CADE said:

There is no evidence of antitrust crimes as a result of the rejection of some banks to establish contracts with certain cryptocurrency exchange [platforms].

This ruling of CADE in December was a departure from its earlier stance that such actions included sufficient anti-trust elements. To this, the Brazilian Association of Cryptocurrencies and Blockchain (ABCB) responded by stating the ruling is full of “darkness, contradictions, and omissions.”

Banco Bradesco believes that digital assets pose money laundering risks. Hence, it is choosing to not follow any demands by the ABCB regarding account closures for crypto exchanges.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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