Brazilian Bitcoin Max Exchange can now resume operations after Banco Brasil, and Santander reopened its bank accounts. To arrive at this point, Bitcoin Max lawyers had to lodge an appeal at the Federal District and Territorial Court (TJDFT) against the previous decision. In their last application at the 3rd District Civil Court of Brasilia, Judge Geliza Fatima denied their request of reopening the accounts.
In the TJDFT Judge Ana Catarino of the 8th civil court overturned the previous decision made. According to the Judge the banks violated consumer protection rules under Central Bank of Brazil Resolution No. 2,025/93. They didn’t notify their clients about the closure of the accounts. In a bid to avoid fines the two banks reopened the accounts belonging to Bitcoin Max.
While speaking to a local news outlet, Per Portal do Bitcoin, Bitcoin Max CEO Adriano Zanella said;-
“There was no communication from the banks about the closure. In the case of Banco do Brasil I got wind of the closure from my agency manager who was trying to make an electronic transfer through the bank.”
Failing to comply with the court decision would lead to a fine of $5,400 for Banco do Brasil while Santander bank would have to part with $1,350. Besides Banco do Brasil facing the above fines, there was another lawsuit filed against the bank’s decision to withheld $32,300 belonging to Bitcoin Max. In the latter suit, Fatima Rafael Federal District Court judge gave Banco do Brasil 24 hours to reopen the exchange accounts. If not the banks would face a daily fine of 540 dollars. The case was filed on September 12.
Cryptocurrency exchanges in Brasil are undergoing a lot of reviews. Recently the crypto exchanges were sent a questionnaire by CADE the country’s watchdog. Failure to answer and submit the questionnaire would result in a $25,000 fine. Besides this month’s questionnaire, the exchanges had to fill a 14-point questionnaire back in August.
Apart from Bitcoin Max, Waltime a Brazilian exchange accounts were unfrozen in August after winning a court case. Waltime won the lawsuit against Caixa Economica Federal bank which had frozen over 200,000 dollars in its accounts. While exchanges in Brazil are facing a lot of challenges with the financial institutions, the country’s judicial system is coming to their aid.
While speaking to a local news outlet, Leonardo Ranna Bitcoin Max’s attorney confirmed his clients’ accounts and their partners were reopened following the directive.