CADE's investigation was conducted at the request of the Brazilian Association of Blockchain and Cryptocurrency (ABCB). There are claims that Banco do Brasil has closed the accounts of local cryptocurrency trading platform Atlas quantum. In response the bank said it did not engage in monopolistic practices and respected free competition.

Source: Blockchain Pencil By Helen Partz Translated by Miranda

Brazil's antitrust regulator is examining six major national banks for alleged monopolistic practices in cryptocurrency trading, Reuters reported on Sept. 18.

Brazil's antitrust regulator, the Administrative Council (CADE), allegedly operates under the Ministry of Justice (MJ) and launched an investigation on Tuesday to find out if Brazil's largest banks have closed brokerage accounts for bitcoin transactions.

The CADE investigation was conducted at the request of the Brazilian Association of Blockchain and Cryptocurrency (ABCB), according to Reuters. There are claims that Banco do Brasil has closed the accounts of local cryptocurrency trading platform Atlas quantum.

In the ongoing investigation, CADE will examine major registered banks such as Banco do Brasil, Banco Bradesco, ItaúUnibancoHolding, Banco Santander Brasil, as well as the unlisted Banco Inter and partner bank Sicredi.

Major banks are imposing restrictions and even banning cryptocurrency brokers from the financial system," Reuters said, citing a CADE report. "The bank reportedly claimed that the broker's account had been closed to data due to lower customer numbers, as required by the National Anti-Money Laundering Law (AML). Antitrust experts told Reuters.

"Illegal activities should be avoided and banks should take restrictive measures when there are signs of criminality on the part of account holders. However, it does not seem reasonable for banks to apply prior restraints directly to owners, without checking the level of compliance and anti-fraud measures employed by individual brokers. "

Following the announcement of the investigation, Banco do Brasil, the largest bank in Brazil and Latin America, told Reuters that the company had always followed "ethical and respectful conduct based on free competition. "ItaúUnibanco said that the company is still confident that the practice is legal.

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