A PYMNTS Company

Brazil: Banco Santander ordered to return funds to Cryptocurrency Exchange

By  |  March 12, 2019
A Brazilian court of appeals has dismissed Banco Santander’s attempt to keep a block on the funds of cryptocurrency operator Mercado Bitcoin while the trial is ongoing due to the closure of the exchange’s bank accounts.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Mercado Bitcoin went to court for the unilateral closure of its bank accounts in several financial institutions, including Banco Santander. Cryptobolsa also noted that the bank froze their funds without justification. Now, the bank must return the amount of 1,350,733.00 Brazilian reais, equivalent to approximately US$349,300.00

    Santander alleged that there were suspicions of fraudulent activity by some customers of the cryptocurrency exchange, prompting it to seize the accounts.

    A judicial decision in the first instance favored Mercado Bitcoin and ordered Banco Santander to restitute the blocked amount. In addition, the court agreed that the bank must pay interest on the amount withheld.

    Full Content: Criptonoticias

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.