Inter Bank: „We have no information on closing cryptomaniac brokerage accounts

The Inter Bank told the Administrative Council for Economic Defence (Cade) that it had no information on the closure of accounts of companies in the cryptomaniac sector. The response was added to the enquiry into the banks‘ anti-competitive conduct on Tuesday (29).

The financial institution, which closed the account of the broker BitcoinToYou and recently tried in vain to change in the Superior Court of Justice (STJ) the decision that condemned it to a daily fine of $ 10,000 to reopen this account, told Cade does not have „specific information on closure of accounts of cryptoactive brokers.

The document presented by the bank had parts that were not disclosed to the public. And one of those parts kept secret was about how many of the crypto brokers‘ accounts were closed or even opened.

Nor did the financial institution disclose publicly whether or not it had direct or indirect ownership interests in cryptomaniac brokers. When asked whether the CNAE (National Classification of Economic Activities) specific to brokerage and custody activities of cryptoactives would change the process of evaluating requests for the opening of current accounts by these companies, Inter said:

„The CNAE is not a specific element of acceptance or negative of new account holders – a number of other factors are considered by Inter in the evaluation. Thus the creation of a new CNAE should have no substantive impact on that analysis“.

The problem with the CNAE

Inter’s response on CNAE was similar to those presented by Bradesco, Banco do Brasil and Sicredi. With the exception of Santander, which said that CNAE for the cryptomoracs market will help the institution to identify any risk of fraud, all of the institutions that have responded to Cade have said that nothing will change.

Itaú went to the extreme and said that there is even an institutional Golden Profit already aimed at not accepting cryptomote companies as customers. The other institutions were milder, but made it clear that they do not care about CNAE for the sector.

Although Bradesco does not believe that CNAE can change anything for the cryptomore-based sector, he offered a much softer response. According to this institution, depending on the case, an applicant with a specific CNAE helps to increase transparency and facilitate parameterization of movement control and monitoring mechanisms.

Banco do Brasil said that the process of evaluating requests for opening current accounts by cryptoactive brokers „was not and will not be changed,“ on behalf of its own CNAE. In its response to Cade, the institution said: „We have never closed accounts because they are from crypto brokers.

Sicredi, for its part, confined itself to stating that the CNAE did not and will not bring any change to the process of assessing requests to open accounts.

About Author


Melanie