Brazil banks reopen a Bitcoin exchange's bank account to avoid fine

posted 8 months ago
Bitcoin Max, a Brazilian cryptocurrency exchange, had two banks in the country, Santander and Banco do Brasil, reopen its accounts following court rulings by Brazil’s Federal District Court. Failing to comply would have cost Santander up to $1,350 and Banco do Brasil up to $5,400.

The new decision came as the judge, Ana Catarino, considered the banks’ lack of communication about shuttering the exchange’s account to be “abusive conduct,” prohibited by the country’s consumer protection laws. Banco do Brasil reportedly even held $32,300 of the exchange’s funds in limbo & the exchange’s CEO, Adriano Zanella, claimed the banks didn’t even reveal they were going to shut down its accounts.
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