This post is also available in: Español
A new decision by the Brazilian courts against the arbitrary closure of bank accounts of another crypto exchange was published September 26.
This time the decision falls on Banco do Brasil, which was ordered to reactivate the accounts of Bitcoin Max, according to a local news portal.
The 3rd Court of Justice of the Federal District and Territories (TJDFT), headed by federal judge Fátima Rafael issued the judgment. The judge gave Banco do Brasil 24 hours to comply with the judicial order to reopen the current account of the crypto exchange Bitcoin Max.
Failure to comply with this measure could lead to daily fines for the financial institution, ranging from 2,000 Brazilian reais to a maximum of 20,000, equivalent to approximately 500 to 5,000 USD.
According to the information, Banco do Brasil not only unilaterally closed the account but also blocked its balance of 120,000 Brazilian reais, just over 30,000 USD.
However, the court order is an emergency precautionary measure that does not represent a final judgment. It was granted by the TJDFT, after having been denied, in the first instance, by the Second Special Civil Court of Brasilia, directed by Judge Carlos Eduardo Batista dos Santos.
Federal Judge Fátima Rafael considered a precautionary measure in favor of Bitcoin Max to be appropriate because, in her opinion, the untimely and unilateral closing of accounts poses a risk of irreparable damage to the startup. The ruling underlines that a bank account is necessary for the operation of the company.
The ruling also states that Banco do Brasil would have incurred non-compliance with the regulations of the Central Bank of Brazil, which establishes the obligation to “give prior notice of the termination of the deposit account contract, which did not occur” in this case.
Bitcoin Max had already taken legal action against the closure of their bank accounts at Brazil’s Banco Santander in August. In this case, the exchange obtained a protection measure that forced the bank to reactivate its accounts, which was granted by the Eighth Court of the TJDFT.
The measure against Banco do Brasil is the second in September, imposing monetary sanctions in case of non-compliance. On September 12, the Civil Court of Sao Paulo ordered the Brazilian bank Bradesco to reopen the account of the crypto exchange Braziliex. The measure included the payment of a fine of 1,000 Brazilian reals per day (239.56 USD) if Bradesco does not abide by the decision.