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Closed bank account for Brazil-based crypto firm deemed unlawful by court

Brazil crypto firm account shut down lawsuit

A Brazilian cryptocurrency firm by the name of M Intermediação e Prestação de Serviço Ltda. has had its Banco Bradesco account shut down since 2018 due to alleged suspicious activity and the prevention of fraud.

However, M Intermediação has now won a lawsuit against Branco Bradesco, who it sued for unlawfully closing down a bank account which contained a large majority of the company’s’ customer funds.

M Intermediação mentioned that despite being a crypto company they had a fiat currency account with Bradesco in order to allow their customers to pay not only with cryptocurrencies but with Brazilian real as well.

The judge responsible for the hearing deemed that there was a severe lack of evidence from Bradesco’s side about M Intermediação conducting suspicious activity on the account or any cases of potential fraud. The account has hence been restored, but it’s unlikely that M Intermediação will keep it after such a debacle.

This is unfortunately not the first case from Brazil where a crypto company’s account was closed down. A similar case was recorded last year when Santander did the same to a local crypto exchange.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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