Brazilian Cryptocurrency Broker Won the case of Closing a Bank Account

Brazilian cryptocurrency broker M Intermediação e Prestação de Serviço Ltda. won a lawsuit against Banco Bradesco, which was initiated after the bank closed the company’s account.

According to the report, M Intermediação uses Bitcoin, as well as traditional bank accounts, to enable its users to make deposits and withdraw funds both in BTC and in Brazilian real.

Banco Bradesco blocked the broker’s account in 2018, stating that its security system found unusual activity. It is reported that the presiding judge did not find any evidence that could confirm Bradesco’s claims, and therefore decided that the bank should open M Intermediação accounts.

This is not the first precedent in Brazil, when a cryptocurrency company successfully asserts its right to banking services. For example, the Mercado Bitcoin cryptocurrency exchange has already won two cases against banks in connection with the closure of its accounts and obtained the right to banking services.

In addition, in November, the court ordered banks to reopen the Bitcoin Max cryptocurrency exchange accounts, which were blocked without explanation of the reasons by Banco do Brasil and Banco Santander banks in September.