Brazil Moves to Probe Banks After Crypto Exchanges Denied Services

Brazil’s antitrust watchdog is investigating whether the major banks in the country worked together to close off access to cryptocurrency services.

The Administrative Council for Economic Defense (CADE), an official wing of the Brazilian government, announced it was looking into the Banco do Brasil, Banco Bradesco, Itau Unibanco Holding, Banco Santander Brasil, Banco Inter and Sicredi, according to a report from Reuters.

These banks allegedly shut down accounts belonging to cryptocurrency traders and brokerages.

The investigation comes some months after the Brazilian Association for Cryptocurrency and Blockchain called for such a probe, with the group reportedly claiming that banks were “abusing their power” in denying crypto companies services.

“In fact, the main banks are imposing restrictions or even prohibiting … access to the financial system by cryptocurrency brokerages,” it said in a report…

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