Santander was sued by the Brazilian trade Mercado Bitcoin at 2018, following the lender supposedly shut the market’s account in its sole discretion.
The lender, which has branches in Latin America, mentioned concerns over the source of this account’s finance on account of the character of this crypto market’s actions.
More than 1 million reals (roughly $350,000) were secured, however, the court afterward purchased Santander to spare the funds. Furthermore, the bank has to pay a monthly fine equivalent to 1 percent interest for those funds which were secured; this allegedly comes out to over 200,000 reals ($51,000).
Now’s decision rejected an extra allure, and reconfirmed the prior judgment that compels Santander to return the capital and pay the fine.
Cryptocurrency exchanges have run into issues with banks shutting their account, as some financial institutions locate the cryptocurrency sector to be overly unregulated or explosive to run business with companies from the area. Last May, Finnish cryptocurrency wallet support Prasos Oy reported that it had been only one step from being closed down, since most Finnish banks could no longer conduct business together.
Banks were allegedly worried that doing business using Prasos Oy would run afoul of present anti-money laundering legislation. The banks Itau Corpbanca and Scotiabank had secured the accounts to its trades BUDA and CryptoMKT, and also the public banking Banco del Estado de Chile had suspended Orionx’s accounts in addition to BUDA’s and CryptoMKT’s.