Brazilian Bank Santador’s Appeal Against Mercado Bitcoin Crypto Exchange Rejected

State of São Paulo’s Court of Justice has reportedly denied an appeal by a Spanish bank Santander, in a case against crypto exchange platform Mercado Bitcoin. This story has been developing for months now.

In Feb 2019, a Rio de Janeiro court had passed a ruling in favor of Mercado Bitcoin. The judge presiding over the case rejected an appeal submitted by Banco Sicoob that sought to reverse an earlier decision by a local district court.

Going into detail, the case itself was brought forward by Mercado Bitcoin after Banco Santander froze its account, claiming there were “bank fraud” suspicious involving some the crypto trading platform’s clients. Santander bank stated that it had concerns regarding the source of the funds in the account and the nature of activities of the crypto exchange.

Over a million reals worth for around $350,000 were frozen and were later ordered to free the funds. Santander additionally had to pay 1% interest on the frozen sum for an equivalent of $51,000 USD.

Today, the decision by the court rejected an additional appeal.

Cryptocurrency exchanges in Brazil have often battled financial institutions who shuttered their accounts. Bitcoin Max has been battling the Santander Bank in court in order to keep its accounts open. In August of last year, exchanges in the country were sent a 14-point questionnaire as the government was looking to learn more about their business. Later on, in October, the country’s antitrust watchdog CADE, sent them a questionnaire they had to answer or face a fine of up to $25,000.

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