CryptoStock closure in Brazil means new fines for a bank.
A new decision of the Brazilian courts, against the arbitrary closing of bank accounts of the cryptocurrency exchange houses, was published this Wednesday, September 26. This time the decision falls on the Bank of Brazil, which was ordered to reactivate the accounts of Bitcoin Max, according to a local news portal.
The ruling was issued by the 3rd Court of the Court of Justice of the Federal District and the Territories (TJDFT), in charge of federal judge Fatima Rafael. The judge gave the Bank of Brazil a 24 hour deadline to comply with the court order to reopen the current account of the Bitcoin Max cryptocurrency exchange. Failure to comply with this measure could entail daily fines for the financial institution, ranging from 2 thousand Brazilian reais to a maximum of 20 thousand, equivalent to $ 500 to approximately $ 5000 USD.
According to the information, the Bank of Brazil not only unilaterally closed the cryptocurrency exchange account, but also blocked its balance of 120 thousand Brazilian reais, little more than $ 30 thousand USD.
However, the court order is an emergency precautionary measure that does not represent a final judgment. The same was agreed by the TJDFT, after having been denied, in the first instance, by the Second Special Civil Court of Brasilia, led by Judge Carlos Eduardo Batista dos Santos.
Federal judge Fatima Rafael considered a precautionary measure in favor of Bitcoin Max to be pertinent because, in her opinion, the untimely and unilateral closure of the accounts is at risk of irreparable damage to the startup. The ruling emphasizes that a bank account is necessary for the operation of the company.
The resolution also states that Banco do Brasil would have failed to comply with the regulations of the Central Bank of Brazil, which establishes the obligation to “previously notify the termination of the deposit account contract, which did not occur” in this case.
Bitcoin Max had already faced by judicial means the closing of its bank accounts in Banco Santander of Brazil, in the month of August. In this case, it also achieved a measure of protection that forced the bank to reactivate its accounts, which was granted by the Eighth Court of the TJDFT.
The measure against Banco do Brasil is the second so far in September, which imposes financial penalties in the event of default. On September 12, the Civil Court of Sao Paulo ordered the Brazilian bank Bradesco to reopen the account of the Braziliex cryptocurrency exchange. The measure included the payment of a fine of one thousand Brazilian reais a day ($ 239.56), if Bradesco does not comply with the decision.
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