Brazil to Investigate Banks Denying Service for Crypto Companies
Cointelegraph
Published May 21, 2020 01:34PM ET
Updated May 21, 2020 03:40PM ET
Brazilian banks that have denied service to cryptocurrency companies are now being scrutinized by local authorities, according to a recent report from Folha de São Paulo.
On May 20, the Administrative Council for Economic Defense, or CADE, voted to reopen the case against local lenders who reportedly refuse to work with cryptocurrency firms. The lawsuit was originally filed in 2018 by Associação Brasileira de Criptoativos e Blockchain, or ABCB, a Sao Paulo-based blockchain non-profit, after Banco do Brasil closed the account of crypto exchange Atlas (NYSE:ATCO) citing an “administrative decision.”
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Written By: Cointelegraph
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