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The Brazilian bank Bradesco must reopen the account of the Braziliex crypto exchange. Otherwise, it is subject to fines of one thousand reais (239.56 USD) per day.
The financial institution closed Braziliex’s bank account on June 6, giving the crypto exchange notice of this action only four days in advance. Representatives of the company filed a lawsuit against Bradesco in July and cited in their plea the short notice of the bank and the closing of the account. In this regard, Evandro Camilo Vieira, lawyer of the crypto exchange, said that “this period is less than that established as mandatory by the Central Bank.”
The decision was made by the Civil Court of Sao Paulo on September 12 and was reported by the local newspaper Folha de S. Paulo last Friday. Bradesco must reopen the bank account in less than five working days. The ruling in favor of the exchange cites the short deadline given by the bank, preventing Braziliex from taking protective measures.
For Ricardo Rozgrin, CEO of Braziliex, cryptocurrencies are the future of the market. He says the decision taken by the Court shows that financial institutions should look with “seriousness and attention” the sector of cryptoassets.
The Relationship Between Banks and Brazilian Crypto Exchanges
The disagreements between Brazilian banks against crypto exchanges go back to 2015. However, in 2018 there have been many decisions ruled in favor of cryptocurrencies.
At the beginning of September, Bank Santander received court orders to reactivate the Bitcoin Max crypto exchange account. Similarly, in July, Walltime won a first court battle to the bank Caja Económica Federal for the reactivation of its bank account.
The bank Bradesco is no stranger to the world of cryptoassets. Since 2016, they have been a part of the enterprise consortium R3 the bank has also conducted tests for a digital wallet service based on Distributed Ledger Technology (DLT).