The Brazilian Society of Cryptotomes and Block Chain (ABCB) has requested Brazil’s Administrative Council for Economic Defense (CADE) to take measures banning national banks from refusing to open accounts for institutions linked to these popular virtual currencies .
The request responds to a case in which Banco do Brasil closed the current account of Atlas, a growing company that manages bitcoin arbitrage, exploring price differences between different exchange houses that operate with the famous cryptocurrency.
According to Fernando Furlan, president of ABCB, Banco do Brasil’s decision constitutes an abuse, since platforms for financial innovation such as FinTech, as well as cryptocurrency exchanges, require access to traditional banking in order to survive.
Although ABCB has focused on the anti-competitive actions of Banco do Brasil, it would also seek to prevent any other institution from closing or refusing to open accounts in the name of any company that meets the legal requirements to do so. For example, the document cites cases in other countries, in which banks have been sanctioned for restricting access to savings or current accounts, as happened in Chile last April.
Full Content: Dev Discourse
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI