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Brazilian Exchange Mercado Bitcoin Wins $350,000 Legal Tussle Against Banco Santander

The Court of Justice in São Paulo, Brazil, has recently ruled Banco Santander has to unfreeze the account of a local cryptocurrency exchange, Mercado Bitcoin, with over 1.35 million reals ($350,000) in it. This, after determining a “lack of regulations doesn’t make a criminal activity”. According to local news outlet Portal do Bitcoin, judge Renata Barros Souto Maior Baião ruled in favor of the cryptocurrency exchange after determining bank Santander acted in an abusive way, as it apprehended the resources of Mercado Bitcoin “over fraudulent operations conducted by third parties.” As a result, Santander was forced to unfreeze the The post Brazilian Exchange Mercado Bitcoin Wins $350,000 Legal Tussle Against Banco Santander appeared first on CCN
CCN

Brazilian Court Rules Santander to Return $350,000 to Crypto Exchange Mercado Bitcoin

Brazilian Court Rules Santander to Return $350,000 to Crypto Exchange Mercado Bitcoin The Court of Justice in the Brazilian state of São Paulo has dismissed the appeal made by Banco Santander against cryptocurrency exchange Mercado Bitcoin, and ruled that the bank should return funds to the company, local crypto media CriptomoedasFacil reports on March 8. […] Cet article Brazilian Court Rules Santander to Return $350,000 to Crypto Exchange Mercado Bitcoin est apparu en premier sur Bitcoin Central.
Bitcoin Central

Brazilian Court Rules in Favor of Mercado Bitcoin Crypto Exchange Over Closed Bank Account

In what is being considered to be a landmark judgement for the crypto industry as a whole, a Rio de Janeiro court has just passed a ruling in favor of Mercado Bitcoin — a local altcoin trading platform— over the “illegal closure” of one of its checking accounts. To elaborate further on the matter, 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 (that had allowed the aforementioned exchange to keep its crypto-related bank account open). “There Needs to be a Clear Reason Given for Account Closures” In relation to the case, judge Regina Lucia Passos who oversaw the proceedings noted that banks need to provide their clients with a “justifiable reason” before closing their accounts. In her opinion, even though crypto trading is a risky activity, the Central Bank of Brazil has not prohibited the “buying/selling of digital assets within the nation’s borders”. Thus, Passos noted that what Banco Sicoob had done was not only illegal but also morally wrong. If that wasn't enough, Judge Passos also let it be known that since Sicoob had not incurred any losses by keeping Mercado Bitcoin’s account active, there was no clear justification as to why such a step had been taken in the first place. Lastly, she then went on to cite a couple of legal references that explicitly stated that in order for a bank to shut down the account of one of its clients, it needed to express its exact motives as well as reasons before taking such a drastic step. More on the Matter At this point in the article, it is also worth pointing out that this latest decision relayed by the Rio De Janeiro court might not be ‘final’ since late last year, the Brazilian High Court sent out a ruling which clearly stated that “banking institutions had the right to close accounts associated with cryptocurrencies without providing their customers with any reason”. In addition to this, one should also bear in mind that last October, another Brazilian court had directed two financial institutions to restore operations for accounts associated with crypto exchange Bitcoin Max— after it was discovered that the banks had once again acted illegally. On the matter, the country’s Federal District Court released a statement saying that Banco do Brasil and Banco Santander could face large fines if they did not comply with the judicial body’s decision. Not only that, the court also described the actions of the above mentioned banks as being “abusive and prohibited by consumer protection regulations”. Other Key Takeaways Worth Considering The Brazilian judiciary’s latest crypto-friendly judgement has been met by a lot of positivity across the globe. In addition to this, Brazil’s new president, Jair Bolsonaro, has just selected Roberto Campos Neto— a well known crypto proponent— as the head of the country’s Central Bank. On his appointment, Neto was recently quoted as saying: “I have studied and been dedicated intensely to the design of what will be the financial system of the future. I participated in studies on blockchain and digital assets. For the future market, where technologies advance exponentially, generating more rapid transformations.” Final Take In closing out this article, it should be remembered that as per a recent report released by Reuters, the Brazilian government is now looking to expand upon the policies of Ilan Goldfajn— the outgoing president of Brazil's Central Bank. Goldfajn has reportedly established an economic framework that is designed to help foster the growth of independent financial services and fintech companies within the country.
Bitcoin Exchange Guide

Brazil’s Biggest Crypto Exchange Mercado Bitcoin Cuts Ties with Over 20 Employees

One of the most important and largest virtual currency exchanges in Brazil by trading volume, Mercado Bitcoin, has fired over 20 employees. The main intention is to focus on better governance and a more professional customer service. The information has been released by the news outlet Portal do Bitcoin, that has talked with four ex-employees that served at the company. According to some of them, the situation was ‘horrible’ and some workers were even crying about this decision. As per these employees, senior executives started getting laid off at the beginning of the last week. Additionally, other employees were fired some days later. The company explained that it was carrying out some structural changes to improve customer services and other sectors. Additionally, an employee at the company said that the working environment at Mercado Bitcoin was deteriorating since their work volume decreased over time. On the matter, one of these employees commented: “We created processes and presentations but everything kept getting stuck. Things that we did in an hour, now started being done in two days. Some people were really idle. I had nothing to do.” Mercado Bitcoin seems to have fired employees that were working just a few months after coming from other companies. The exchange currently manages 30% of the total Brazilian Bitcoin's volume. In September it traded 4,150 BTC and in October 1965 BTC. As per the report from Portal do Bitcoin, the exchange has been promoting some changes in the marketing, HR and administrative departments. Other sectors were left unchanged. The exchange operator informed that they fired only 20 people ‘only.’ XP Investimentos, Brazil’s biggest investment firm launched its XDEX cryptocurrency exchange in the country. At the same time, Huobi, one of the largest exchanges around the world by trading volume has also entered the Brazilian market. Exchanges in the country have also been investigated by the country’s regulatory watchdog. In August, the government sent a questionnaire to these companies to learn more about the industry and the activities they conduct in the South American country. Those who did not answer the questions could face a fine of $25,000 dollars. Other countries such as Japan, have also been controlling how cryptocurrency exchanges behave. In this way, it is possible to protect users and investors in the crypto market.
Bitcoin Exchange Guide

Brazilian Exchange Mercado Bitcoin Suffers Defeat In Pivotal Case As Banks Can Exercise Crypto Account Closure

A landmark case that defined the Brazilian crypto market this week. This Tuesday, October 9, it was decided by the Superior Court of Justice, the second-highest law court of the country, that banks can simply shut down crypto-related accounts without any kind of justification. During a judgment of Itaú Unibanco versus the crypto exchange Mercado Bitcoin, the court ruled by a majority vote that a bank can shut down crypto accounts without violating the law as it is not an abuse under the Brazilian consumer protection code to do so. A New Legal Precedent Portal do Bitcoin, affirmed that this was a landmark case and that it can change the future of the Brazilian crypto exchanges. According to Natalia Garcia, the juridic director of Foxbit, which was quoted by the local news outlet, having banking access is essential to the market and this decision can basically “finish the cryptocurrency sector” in Brazil. Another problematic aspect stated by Portal do Bitcoin was that the country did not have any prior court cases to base its future decisions, so this decision, which was based in a resolution that the Central Bank of Brazil made in 1993, will have a lot of impact in the market. The case was being judged since 2015. At the time, the company was notified that its account would be terminated by the bank in 30 days under “commercial uninterest” reasons. After Banco do Brasil (a state bank and one of the major banking entities in the country) decided to shut down Atlas Quantum’s account. Atlas was another cryptocurrency exchange located in Brazil which was recently in the middle of a leak. According to reports, 261,000 investors from Atlas had their information leaked to the dark web, where it was sold. The decision prompted Banco do Brasil to terminate the accounts of the company. Looking for Offshore Banking As the banks in Brazil do not have a very friendly relationship with crypto exchanges in the country, it may come a time in which the exchanges of the country will have to look for offshore banks in order to operate within Brazil. As the country is not known for having a lot of Bitcoin users, most people buy the tokens with fiat directly from the Brazilian exchanges, so they need banking access to exist. Most crypto companies still use Brazilian banks for banking services, but this can change quickly if the decision inspires other banks to dump these companies. This will lead into either of two scenarios: either the market will slowly die or it will have to use offshore banks.
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New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
Bitcoin Exchange Guide

New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal

Bitcoin and Tether have been closely related since time immemorial, but the recent string of events pushed the price of Bitcoin down by 9% in about 3 hours. This has caused a domino effect, causing the price of other altcoins to fall as well. The New York State Attorney General is suing Bitfinex and the closely affiliated firm, Tether, responsible for the infamous stablecoin, USDT. According to Yahoo, NY AG released a 23-page document which suggested that the AG has reason to believe that there might be a fraud being carried out by the two companies in cahoots with each other. Yahoo stated that among other things, Tether and Bitfinex are engaged in, “undisclosed, conflicted transactions to cover Bitfinex’s losses, approximately $850 million, by transferring money out of tether reserve funds.” Tether and Bitfinex aren’t completely unaware of their problems in trying to retain banks for their business and the allegations of Bitcoin’s 2017 pump was fueled by Tether and Bitfinex. Bitcoin’s prices took a nasty fall after the news broke out. However, the prices have recuperated partially since then. Bitfinex too did not waste time with its rebuttal to the New York AG’s charges. Bitfinex’s rebuttal stated that New York’s AG released the order without giving the parties proper “notice or hearing” and that the Attorney General was attempting to “compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.” The same rebuttal was released by Tether. The blog further stated, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.” Bitfinex stressed that they were actively exercising their rights to get the stated funds released. It also added that the New York State Attorney General’s office seemed to be intent on undermining Bitfinex’s efforts, to the detriment of Bitfinex’s customers. The post New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal appeared first on AMBCrypto.
AMBCrypto

How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

The cryptocurrency markets endured a loss of as much as $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The New York Attorney General’s office alleged in a statement on Thursday that Bitfinex lost $850 million and used customer and […]
CoinDesk

There are serious, existential, risks to Bitfinex and Tether with the information out today. Here's a primer on what's going on.

Bitfinex and Tether may be insolvent. Bitfinex and Tether and owned and operated by the same people. They are separate entities, but they share significant common personnel. Today the Assistant NYAG filed a motion to try and prevent Bitfinex from taking part in any transaction between it and Tether. Here's the raw document: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod Reporting on the above filing is available from the WSJ: https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn What is going on? The filing lays out that Bitfinex has lost access to $850 million dollars of corporate and depositor money to a company called Crypto Capital. Bitfinex believes that those funds may have been stolen and that Crypto Capital has been engaged in defrauding Bitfinex. Bitfinex - in order to pay out withdrawals has been running out of cash. Bitfinex has engaged in multiple transactions with Tether of questionable nature. It has obtained lines of credit and fiat currency (ostensibly to pay out fiat withdrawals - this is speculation but a logical conclusion based on the filing and its context) It also appears to have sold equity in itself to Tether for access to Tether's reserves. There is still a lot of missing information, but it seems clear that Bitfinex has lost $850 million dollars in some fashion and attempted to fulfill customer withdrawal requests from funds from Tether reserves. Tether has recently updated its terms: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That other affiliated entity is Bitfinex. Tether now no longer holds all currency reserves - it now has extended a line of credit to Bitfinex - to the tune of $700 million, and may also hold shares in Bitfinex. If Bitfinex has lost $850 million, then the equity that Tether holds in Bitfinex may be encumbered or worthless. If Bitfinex has taken out loans or drawn on its line of credit, those funds may never be returned. There is now clear evidence that tether is at serious risk of of not being backed at a 1:1 ratio. What does this mean for you? Tether now is EXTREMELY risky to hold. There is clear evidence that Bitfinex has taken money from Tether, and its ability to repay it is in serious doubt. If Bitfinex truly has lost $850 million dollars, it may be insolvent. If Tether no longer has all the money backing it - because it owns Bitfinex assets, which are of questionable value, it's value will plummet, and all assets denominated in tether will appreciate. There are lessons from Mt. Gox here. Mt. Gox did not just happen in one day. It played out over multiple months, the entire time with assurances that things are fine. Things were not fine - at all. The filing released today is damning. It is linked above, read it for yourself. The evidence presented in there is clear that something is terribly wrong at Bitfinex. It is not a certainty that Bitfinex is insolvent - but the filing lays out items that are terrifying to anyone holding significant financial assets related to Bitfinex and Tether entities. Plain and simple: Depositors, and users of Tether are at serious risk of taking losses. Exchanges are the largest holders of Tethers, and when/if it becomes clear that tethers are no longer worth 1:1 they will be forced to freeze all tether assets until the situation can be straightened out. This process will potentially take years, into a decade or more. Mt. Gox funds are still not distributed to this day, over 5 years ago. The sheer complexity of a Bitfinex/Tether insolvency will play out over multiple jurisdictions and will take an eternity to sort out. Again, read the primary documents filed by the AAGNY and decide for yourself if it is likely that Tether and Bitfinex are completely safe. Thousands of us lost our funds in Mt. Gox - and we've paid dearly. There are serious concerns if you are a Bitfinex customer, or if you hold USDT Tether on other exchanges.
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