Major Brazilian Bank Takes Next Step to Shut Down Crypto-Related Business Accounts: Report

Banco Bradesco, one of the largest commercial banking institutions in Brazil, is reportedly refusing to abide by any agreements that would prevent the closure of accounts opened by local cryptocurrency exchanges.

Banco Bradesco rejected a request from the Brazilian Association of Cryptocurrencies and Blockchain (ABCB) asking the nation’s Administrative Council of Economic Defense (CADE) to reach an agreement that would prevent the shut down of accounts created by digital asset exchanges, reports news outlet Criptonoticias based on a document issued by Bradesco.

Last year, the CADE confirmed that it wasn’t illegal for local financial institutions to suspend banking services being offered to local exchanges. 

The CADE ruled,

“There is no evidence of antitrust crimes as a result of the rejection of some banks to establish contracts with certain cryptocurrency exchanges.”

CADE’s recent stance is different from its previous ruling which said that these types of accounts had adequate anti-trust elements. Responding to the bank’s position, the ABCB says that the institution’s decision is full of “darkness, contradictions, and omissions.”

Banco Bradesco’s management argues that cryptocurrency transactions may involve illicit activities such as money laundering. 

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