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A Brazilian cryptocurrency broker has won a case on closing a bank account

1 min read

Brazilian cryptocurrency broker M Intermediação e Prestação de Serviço Ltda. He won a lawsuit against Banco Bradesco, which was initiated after the bank closed the company’s account.

According to the report, M Intermediação uses Bitcoin, as well as traditional bank accounts, to give its users the opportunity to make deposits and withdraw funds in both BTC and Brazilian reals.

Banco Bradesco blocked the broker’s account in 2018, saying that its security system detected unusual activity. The presiding judge reportedly found no evidence that could support Bradesco’s claims, and therefore ruled that the bank should open M Intermediação accounts.

This is not the first precedent in Brazil, when a cryptocurrency company successfully defends its right to banking services. For example, the Mercado Bitcoin cryptocurrency exchange has already won two cases against banks in connection with the closure of their accounts and has achieved the right to banking services.

In addition, in November, the court ordered the banks to reopen the accounts of the Bitcoin Max cryptocurrency exchange, which were blocked without explanation by Banco do Brasil and Banco Santander in September