There is new hope for the Brazilian crypto exchanges whose banking activity was abruptly halted some two years ago by a collective made up of some of the country’s top commercial banks.
Per news agency FolhaPress, the Brazilian financial watchdog, the Administrative Council for Economic Defense (known locally as the CADE) has voted in favor of a proposal to investigate its abrupt closure Bitcoin Max and other Brazil-based trading platforms.
The original case was brought up in 2018 by Bitcoin Max, who have bank accounts with both Banco do Brasil and Banco Santander were closed without warning or fair explanation.
Banco Inter, Banco Bradesco, Itau, and Sicredi are also subject to the probe, following the example.
Bitcoin Max’s complaint was handled by the CADE, who agreed that exchanges were indeed “impeded” and “forbidden access” to banking services, with banks in their defense claiming that they had become aware that exchange customers had compliance violations to commit.
However, the probe appeared to have stalled last week for a CADE councilor named Lenisa Rodrigues Prado has tabled a motion, publicly calling on CADE to reopen the probe.
That motion has now been passed “unanimously”, according to FolhaPress. Prado stated that there was “significant” evidence that the group of banks had acted wrongfully and violated free market regulations.
Elsewhere in South America, Diario Financiero quotes the head of the Buda crypto exchange stating that the trading volume in Chile increased by 50% in April.
Buda also claims that 80% of its Chilean transactions are in bitcoin (BTC), while it claims that “between 25% and 35%” of the customers use crypto for money transfer purposes.
In Argentina meanwhile, El Litoral reports that the Unidad de Inteligencia Financiera (literally the Financial Intelligence Unit), an agency of the Argentinian Ministry of Economic Affairs, has revealed plans to regulate the country’s crypto exchanges.
The ministry says it recognizes that there is a sharp increase in crypto-related activities in the country and will respond accordingly.
As previously reported, bitcoin and altcoin trading has skyrocketed in Argentina – apparently in response to the peso’s spectacular plunge as the nation’s financial dangers increase.