Brazilian crypto currency exchange Mercado Bitcoin has won a court case against the Bank


Brazilian crypto currency exchange Mercado Bitcoin managed to win the trial with Banco Sicoob, about the closure of its accounts.

The court in Rio de Janeiro ruled in favor of crypto currency exchange Mercado Bitcoin and dismissed the appeal filed by Banco Sicoob on the decision of the district court in Barra da Tijuca, which was ordered to unblock the account of the exchange.

The Bank must be a valid reason for account closure, but it was not provided, according to the publication Portal do Bitcoin. The court noted that, despite the warning available in a communique 31.379/17 on “the risks associated with storing and trading virtual currencies”, Central Bank of Brazil officially banned trade cryptocurrency.

The judge also noted that Sicoob not suffered any losses from the support account, Mercado Bitcoin, and closing it unilaterally, stating only commercial disadvantages, the Bank had actually violated the order of the Banco Central do Brasil No. 2025/93, which States that the financial institution should clearly define the reason for such action.

The crypto currency exchange continue to struggle with the tyranny of banks

Despite the fact that the decision of the Court of Rio de Janeiro, may be appealed by the Bank, Mercado Bitcoin is, nevertheless, a victory. Last year, the exchange lost a lawsuit against the closure of your account by another institution, Banco Itau. In October, the court ruled that banks have the right to close accounts associated with cryptocurrencies, without explanation. It was stated that the crypto currency exchange has to prove that he had violated any constitutional norms, and refer the case to the Supreme court.

In addition, Banco Itau has been accused of trying to suppress competition, since acquired almost half of the stock XP Investments, a broker who started working with digital assets at the end of 2018.

Also in October, another court order was issued to two financial institutions re-opened frozen accounts of crypto currency exchange Bitcoin Max. The Federal district court of Brazil has threatened to fine the Banco do Brasil and Banco Santander, if they do not fulfill his decision. He also described their unilateral actions as offensive and against the rules of consumer protection.

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Tags: Banco Itau Banco Sicoob Mercado Bitcoin


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