A PYMNTS Company

Brazil: CADE probes banks in cryptocurrency trade

By  |  September 19, 2018

Brazil’s antitrust regulator is reportedly inspecting six major national banks for alleged monopolistic practices in the crypto space, Reuters reported on September 18.

    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.

    Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE), which operates under the Ministry of Justice, purportedly launched a probe on Tuesday, September 18, to find out whether the country’s largest banks closed the accounts of brokerages trading in Bitcoin.

    According to Reuters, the investigation by CADE was initiated on the request of the Brazilian Blockchain and Cryptocurrency Association following several complaints. One alleged that Banco do Brasil closed the account of local crypto trading platform Atlas Quantum.

    Within the ongoing probe, CADE will inspect major registered banks such as Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding, Banco Santander Brasil, as well as unlisted Banco Inter, and cooperative bank Sicredi.

    Full Content: Reuters

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