The Federal District Court of Brazil has given a preliminary ruling to re-open Bitcoin Max crypto exchange’s accounts in two major banks: Banco do Brasil and Santander Brasil. However, this decision which is being considered as a landmark decision in favor of the crypto exchange industry is not final.
The court’s ruling was in favor of the exchange, as the aforementioned banks failed to notify Bitcoin Max of account closure. This was treated as “abusive conduct” as it violated consumer protection rules. As per the decision given by the Federal District Court, the banks have been given a directive to unlock the exchange’s accounts within five days.
The banks had to comply with the court’s decision pertaining to Bitcoin Max crypto exchange’s accounts, else it would have cost them fines up to R $ 5,000 for Santander and up to R $ 20,000 for Banco do Brasil respectively. The legal battle though is far from being over, as the Federal District Court’s decision is considered to be a kind of preliminary injunction. The additional R $32,400 of Bitcoin Max’s funds were also blocked by Banco do Brasil. The court has ordered the bank to return the funds within 24 hours, as reported on Cointelegraph.
The request for reinstating the exchange’s accounts was previously denied by Judge Geilza Fátima Cavalcanti Diniz of the 3rd Civil Court of Brasilia, where the case is being processed. That is when the lawyers decided to file the grievance for the said decision to be reviewed by the Federal District and Territorial Court (TJDFT).
The new ruling in favor of crypto exchange Bitcoin Max was rendered by the adjudicator, Ana Catarino, of the 8th civil court of the TJDFT. The CEO of Bitcoin Max, Adriano Zanella confirmed that in both the situations the exchange had received no formal communication from the banks on the closure of accounts. Zanella added that he came to know of the account blockage from the manager of his agency, as reported on Portal do Bitcoin.
The post Federal District Court’s Decision On Bitcoin Max Crypto Exchange’s Accounts Not Final appeared first on OWLT Market.
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