The administrative Council for economic defense of Brazil (CADE) examines the six largest national banks for possible monopolistic practices in the cryptocurrency sphere.
CADE investigates and preventing the economic abuse of power. The Council operates under the auspices of the Ministry of justice. Now CADE began to check the largest banks in the country for closure of their accounts of the companies involved in the trade of bitcoin. According to Reuters, the Council began its investigation at the request of cryptocurrency and blockchain Association of Brazil (ABCB), which was submitted to CADE a few complaints. According to one of those complaints Banco do Brasil wrongfully blocked by the local cryptocurrency trading platform Atlas Quantum.
In the current investigation, the Council will be a quiz this Bank and five other suspected similar actions. According to the initial assumption CADE, the main banks of the country impose restrictions or even prohibit cryptocurrency exchange access to the national financial system. Banks, in turn, said that he had blocked the account of the trading sites only because their owners did not provide the data necessary to comply with the procedures for combating money-laundering (AML).
“You should avoid any illegal activities, and banks must take restrictive action when you see signs of criminal activity in any accounts… But it does not seem reasonable that the banks have used these a priori measures on a uniform basis to all cryptocurrency companies, without checking the level of compliance and enforcement measures to combat fraud the individual brokerage companies,” — commented the experts of monopolistic practices.
After the announcement of the beginning of the investigation Itaú Unibanco, told Reuters that he was confident in the legality of their actions, and Banco do Brasil reminded that always comply with ethical norms and respect for free competition.
Also today it became known that the office of the attorney General of new York released a report on the results of inspections of the cryptocurrency exchanges on the compliance with the measures against market manipulation.
