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Brazil: Bradesco closes local cryptocurrency operators’ accounts

By  |  February 19, 2019
One of Brazil’s leading banks, Bradesco, gave notice to the Bitblue cryptocurrency exchange that its bank accounts would be suspended at the end of February, according to the specialized media outlet Portal do Bitcoin.

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    Bitblue CEO Edisio Pereira commented that his company has already had accounts rejected at four different financial institutions, so it will not seek an appeal against the Bank’s actions. However, the co-founders of Bitblue will certainly appeal, as they must take care of their reputation.

    The case has been reported by the Brazilian Association of Cryptocurrency and Blockchain (ABCB) before the Administrative Council of Economic Defense (CADE), alleging that the bank would be violating the principles of free and fair competition. CADE initially launched an investigation into six local banks, including Bradesco and Banco do Brasil, following complaints over the closure of bank accounts and possible monopolistic practices in the cryptocurrency market.
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