Brazilian cryptocurrency exchange Bitcoin Max finally won the fight against Santander's account.
The fight with the banks is a continuous saga
Working with banks has not been easy for crypto currency exchanges and blockchain startups in most parts of the world. In a still ongoing history of Bitcoin Max, cryptocurrencies celebrate small victories everywhere.
Bitcoin Max had its account closed for the first time by Santander Bank last August. However, the institution had to reopen the account of the stock exchange due to a court order.
In that first hearingAccording to Portal do Bitcoin, Judge Ana Catarino denied Bitcoin Max's request for the reopening of his account, stating that it was up to the bank to refuse service or not:
The closure of the account is a function of the bank in accordance with the standard set out in Article 10 of Resolution 2025/93 of the Central Bank of Brazil.
But Santander Bank has never written a message
The petition filed against Bitcoin Max led to the company's lawyer Leonardo Ranna claiming a restraining order. Since then, the cryptocurrency exchange has been struggling to keep the checking account open.
It seems that the initial judgment against Bitcoin Max in favor of Santander was indeed a mistake. The judge did not know that Santander had not sent Bitcoin Max a prior written notice. That's illegal in Brazil.
According to the same decision of the central bank, a bank can only terminate an account holder's account by:
previous written notification of intention to terminate.
The Santander Bank did not do this.
Small victory for crypto currency exchanges
The fact that Santander was forced by the judiciary system to keep the account of Bitcoin Max open is a small success for the exchange of cryptocurrency. However, it was more of a gap than a broader movement of banks that began working with crypto currency companies in Brazil.
Bitcoin Max also sought compensation for the moral damage that all the ordeal had for his business. This was rejected and the judge ruled that the allegations were unfounded.
This is not the first case brought to court between cryptocurrency companies and banks in Brazil. And it probably will not be the last one. Bitcoin Market and Banco Itaú were in a similar situation before.
Bitcoin Max's lawyer, Ranna, said the court ruling did not take into account that "the banks blame the accounts of all companies that run crypto coins" for terminating the bank.
This makes the Bitcoin Max win bittersweet too. They may have won the battle, but the war continues.
Santander had to keep the account open because he had forgotten to send a letter, not because Brazilian regulators put pressure on banks to work with companies in this emerging field.
Will the stock exchange eventually find itself without a banking partner? Share your thoughts below!
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The Post-Santander bank was asked to keep the Brazilian Bitcoin bill account open, first published on Bitcoinist.com.
Post source: Santander Bank has been instructed to keep the Brazilian Bitcoin bill account open
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