Cryptocurrency brokerage from Brazil wins lawsuit against Banco Bradesco

The bank closed the firm’s account for alleged “unusual activity.”
There have been several stories of South American banks and crypto firms butting heads in 2018.

Rajarshi Mitra Independent Analyst

M Intermediação e Prestação de Serviço Ltda, a cryptocurrency brokerage firm from Brazil, has won a lawsuit against Banco Bradesco. The lawsuit was initiated after the bank closed M Intermediação’s account. The firm uses the Bitcoin network and traditional bank accounts to allow users to make deposits and withdrawals in both Bitcoin (BTC) and Brazilian reals. The bank had blocked the brokerage’s account back in 2018 after they observed “unusual activity.” The presiding judge ruled against the bank after reportedly not finding any evidence of wrongdoing.

There have been several stories of South American banks and crypto firms butting heads in 2018. Earlier the Santander bank lost a lawsuit after a Brazilian crypto exchange, Mercado Bitcoin, complained of them closing their account without cause. Santander froze their account over concerns about the origins of the funds they were depositing. Similarly, three crypto exchanges from Chile filed complaints in an appeals court against their banks for freezing their accounts.

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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