Report: Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and Owners

One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13.

As the outlet has learned from unnamed industry insiders, Bitblue will face the closure of its accounts in Bradesco on Feb. 26.

The decision extends to the private accounts of Bitblue owners.

Edisio Pereira, CEO of Bitblue, told Portal do Bitcoin that the company has previously had accounts in four other financial institutions; therefore, Bitblue will not appeal against the bank's actions.

The local Association of Crypto and Blockchain has already reported the case to the Brazilian Administrative Council for Economic Defense, an antitrust regulator operated by country's Ministry of Justice.

In its complaint, ABCB claims that the bank has violated the rules of free competition.

Following several complaints about banking accounts closure, the antitrust watchdog started investigating alleged monopolistic practices in the crypto space.

Subsequently in October, Banco do Brasil and Santander Brasil were forced to reopen accounts for local crypto exchange Bitcoin Max following a preliminary decision granted by the Federal District Court.

The judge ruled that the aforementioned banks failed to notify the exchange of account closure, which was treated as "Abusive conduct" violating consumer protection rules.

More recently, Porto do Bitcoin reported on a similar decision that was taken against Banco Santander Brasil, which is now obliged to reopen Bitcoin Max accounts as well.