Brazilian Banks probed over monopolistic practices toward crypto exchanges

Brazil South America

According to a Reuters report, an investigation targeting Brazil’s banks’ restrictive approach towards cryptocurrency exchanges has been launched by the country’s antitrust watchdog, the Administrative Council for Economic Defense (CADE).

The investigation of Banco do Brasil, Banco Bradesco, Itau Unibanco, Banco Santander Brasil, and more aims to establish whether their practices towards the exchanges were monopolistic and harmed those exchanges.

According to CADE, Brazilian banks are “imposing restricting or even prohibiting… access to the financial system by cryptocurrency brokerages.”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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