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Brazilian cryptocurrency group asks Cade to prohibit banks from closing accounts

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Brazilian cryptocurrency group asks Cade to prohibit banks from closing accounts

The Brazilian Association of Cryptocurrencies and Blockchain, the ABCB, has filed a motion to the country's antitrust watchdog, Cade, asking it to forbid banks from closing accounts of cryptocurrency companies, claiming unfair competition practices, Folha de S.Paulo reported.

The request reportedly stems from a case where Banco do Brasil SA closed a bank account of startup company Atlas, which operates with bitcoin.

The Brazilian lawsuit mirrors a similar suit filed by Chilean trader Orionx before the TDLC competition tribunal and other comparable lawsuits that have been filed by cryptocurrency companies in Chile against banks for account closures.