A court in Brazil has ordered banks Banco Do Brasil and Banco Santander to recover the account cryptocurrency exchanges Bitcoin Max, closed in September.
As reported by Portal do Bitcoin, both the Bank has already fulfilled the court decision in order to avoid payment penalties. Banco Santander non-execution of court’s verdict would cost 5 thousand reais ($1351), and Banco Do Brasil is 20 thousand reais ($5404) per day.
According to the Director of the Bitcoin Max account has been closed by the banks without warning and official notification. Banco Do Brasil has blocked the $120 thousand exchanges were held on the account.
The company challenged the decisions of banks in a judicial order in September, but the lower courts denied the Bitcoin Max in its requirements to financial institutions. Lawyers exchange managed to obtain a positive verdict only on appeal in the higher courts.
It is noteworthy that Banco do Brasil is the judge obliged to execute the decision within 24 hours.
Recall that in September the competition authority of Brazil has launched an investigation into the six largest banks in the country, including the two listed above, complaints bitcoin brokers whose accounts were closed financial institutions.
Not only Brazilian cryptocurrency exchanges facing problems banking in the country. A similar difficulty was noted, for example, in Chile and Poland. In India to serve the cryptocurrency has restricted the country’s Central Bank — a decision being challenged in the Supreme court of the country, but to no avail.
A radically opposite position before outlined the financial regulator of South Korea. The head of the financial services Commission (FSC) Choi Jong Ku (Choi Jong-ku) said that the crypto currency exchange can easily open a virtual Bank account, subject to the implementation of the rules of KYC and AML. Earlier, the head of the Central Bank of Singapore, Ravi Menon (Ravi Menon) said that the regulator will help cryptocurrency companies with opening of Bank accounts in the country.