Court Rules Brazil’s Bitcoin Max Exchange Can Keep Bank Account

Brazilian cryptocurrency exchange Bitcoin Max has won in court the right to keep its checking account with Banco Santander. According to the presiding judge, the bank has not met its obligation to notify the crypto company of the closure in advance.   

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Closing of Account Deemed Unlawful

The decision was handed down by Judge Geilza Fátima Cavalcanti Diniz from 3rd Civil Court of Brasilia, the capital. It confirmed an injunction granted to the digital asset trading platform in September 2018 by Judge Ana Catarino of the 8th Federal District Court, Portal do Bitcoin reported. Bitcoin Max filed a lawsuit against Santander in August after its account was closed without any formal notice.

Judge Cavalcanti Diniz stated in a previous ruling last summer that the closing of the account is in the powers of the financial institution according to the norms established in article 10 of Resolution 2,025/93 of the Central Bank of Brazil (Bacen). Now, she has deemed unlawful the rescission of the contract by the defendant, Santander, because there was no proof that the plaintiff, Bitcoin Max, was notified about the closure of its account. According to the same