8 months ago

The Brazilian Antimonopoly Authority has launched an investigation into the largest banks suspected of unreasonably refusing to cooperate with cryptocurrency companies.

The Administrative Council for Economic Protection (CADE), the regulator of Brazil, will study the actions of Brazilian banks accused of treating crypto companies unfairly. The investigation will be focused on large banks such as Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding, Banco Santander Brasil, Banco Inter and Sicredi Bank. It is a response to a letter with a request from the Brazilian Association of Blockchain and Cryptocurrency.

Banks respond that they are forced to close accounts of crypto companies because they do not provide mandatory data about their users, which are required in accordance with the rules and laws to combat money laundering.