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Brazil: CADE probes banks in cryptocurrency trade

By  |  September 19, 2018

Brazil’s antitrust regulator is reportedly inspecting six major national banks for alleged monopolistic practices in the crypto space, Reuters reported on September 18.

Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE), which operates under the Ministry of Justice, purportedly launched a probe on Tuesday, September 18, to find out whether the country’s largest banks closed the accounts of brokerages trading in Bitcoin.

According to Reuters, the investigation by CADE was initiated on the request of the Brazilian Blockchain and Cryptocurrency Association following several complaints. One alleged that Banco do Brasil closed the account of local crypto trading platform Atlas Quantum.

Within the ongoing probe, CADE will inspect major registered banks such as Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding, Banco Santander Brasil, as well as unlisted Banco Inter, and cooperative bank Sicredi.

Full Content: Reuters

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