Brazil’s major banks under investigation regarding crypto currency

Many of the problems in the concept of crypto currency in the bitcoin trade and thus is garnering negative criticism. A handful of banks are being investigated for alleged monopolistic tendencies in the trade of crypto currencies. The CADE holds the financial institutions are responsible for shutting down accounts of brokers trading without merit.

CADE mentioned that it has initiated an investigation of Brazil’s banks as they suspect a foul play. The biggest banks have been accused of committing malpractice in trading. The watchdogs are examining in order to find out any monopolistic practices that are limiting the action of brokers to trade.

The concept of crypto currency is growing in the market of Brazil. Many people are trading in various currencies as the number have soared from thousands to is as per the news bitcoin.

Affecting trading of crypto currency:

The Brazilian Association for Crypto currency and Blockchain complained that the financial bodies are misusing their power. The banks are dominating by closing accounts of brokerages trading in various crypto currencies. The banks denied all charges by stating that they closed the local accounts due to the lack of information of clients. The china based crypto currency mining is losing its footing. Bitmain remained in the monopoly for a quite some time. It is slowing down. On one hand, monopoly is affecting the crypto currency trading and on the other, bitmain has lost its dominance over its competitors.

The accounts were closed because of the absence of client data. It is required to prevent money laundering. The company is committed to competitive practices based on ethics and norms for free competition. The accused banks have given some statements that the closure of accounts due to the paucity by law to decrease the instances. The block chain as a protocol that increases the reliability of data.

Dorothy Willson
Dorothy Willson is a full time contributor to CryptoWhile. He holds major in journalism and social communication. He is closely engaged in curating and writing about cryptocurrencies and blockchain technology. He firmly believes that blockchain will transform our future financial market.

    Leave a reply

    Your email address will not be published. Required fields are marked *

    More in:Exchange

    0 %