Bradesco Closes Accounts of Local Crypto Exchange and Owners

Bradesco, which is one of Brazil’s largest banks, has informed crypto exchange Bitblue that its banking accounts will be shut down later this month, according to local crypto outlet Portal do Bitcoin.

As the outlet has learned from industry sources, Bitblue will face the closure of its accounts in Bradesco on February 26. In addition, the decision extends to the private accounts of Bitblue owners.

Edisio Pereira, CEO of Bitblue, remarked to the news outlet that the company has previously had accounts in four other financial companies; therefore, Bitblue will not appeal against the bank’s actions. However, its co-founders and partners will definitely appeal, as the move can have an impact on their reputation, Pereira added.

The local Association of Crypto and Blockchain (ABCB) has already reported the case to the Brazilian Administrative Council for Economic Defense (CADE), an antitrust regulator operated by country’s Ministry of Justice. In its complaint, ABCB claims that the bank has violated the rules of free competition.

CADE initially launched a probe against six major national banks — including Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding and Banco Santander Brasil — in September 2018. Following several complaints about banking accounts closure, the antitrust watchdog started investigating alleged monopolistic practices in the crypto space.