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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.
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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.
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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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XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users

A recent report published by Uphold revealed that the most popular tokens among its users are XRP, BAT, and DASH. The investment in these cryptocurrencies has increased considerably during the period from January 2018 to January 2019. According to information from AMB Crypto, Uphold reported that despite the sharp drop in the prices of cryptocurrencies, its user base reached record stats: Not only did they increase their userbase to more than 1 million registered users, but the number of funded wallets and transactions also grew by more than 2X compared to last year. The Uphold team revealed that altcoins played a special role in the growth of its platform. Dash had the highest increase, followed by Basic Attention Token and Ethereum. However other tokens such as BTC, LTC, and BTG also reported significant growth despite the negative performance of the markets: Holdings of all currencies increased materially over the period, but DASH and BAT were the 2018 standouts (up 281% and 183% respectively). Uphold also saw good growth in holdings of ETH (up 70%), BTG (up 54%), BTC (up 41%) and LTC (up 24%) Uphold Explains The Reasons Behind The Popularity of Every Token According to the firm’s analysis. The growth rate of BTC, LTC, and ETH was lower than last year. Apparently, the public lost interest in these cryptocurrencies to focus on other more attractive alts such as XRP, which grew from 0 to 39% from March 2018 to January 2019. Uphold Interface The growing interest in XRP is consistent with the intense media presence that Ripple has had in the community over the past few months. The launch of xRapid and the numerous partnerships with essential players in the world of finance increased the trading of this cryptocurrency which eventually reached number 2 in the global market cap. Something similar happened with Basic Attention Token. The cryptocurrency is strongly pushed by Brave browser. The popularity of the browser and the positive rating of several specialized sites, as well as the launch of BAT trading in Coinbase Pro, were critical for the token to become one of the favorites among Uphold users. Uphold finally attributed DASH’s growth to a successful campaign in which they made their philosophy have an important influence on the community. “DASH represents itself as digital money which can be used to make instant, private payments online or in-store using its secure, open-source platform hosted by thousands of users around the world.” The post XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users appeared first on Ethereum World News.
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New Shapeshift Crypto Exchange Rebrand Plans Announced by CEO Erik Voorhees at ETHDenver

At the recently held ETHDenver, ShapeShift CEO Erik Vorhees announced that his company would be undergoing a major rebranding exercise in 2019. The first step in this will take place on Monday, February 17, 2019. During this time, the exchange will begin holding a closed beta programme where selected users will be invited to test out a new and improved version of Shapeshift. The new version, Vorhees says, will focus on improving on the user experience. These improvements will include making the user interface simpler and synchronizing the use of all the exchange’s products including its cryptocurrency pricing tracker CoinCap. This Information was made available by the CMO of ShapeShift Emily Coleman. Besides making this announcement, Vorhees also spoke at a panel focused on leadership “in times of ambiguity.” In this panel, he was joined by founder of cryptocurrency micropayments service Earn.com Lily Liu, CSO of ethereum venture capital studio ConsenSys Sam Cassatt, and co-founder of decentralized application platform Holochain Arthur Brock. Tough Calls As part of the discussion, the panelists were asked what the hardest decision was that they have had to make in the running of the business. “If you’re going to be a company in the crypto industry, you’re attached to the severe market cycles of the industry. That’s full of good and bad,” said Voorhees. Vorhees, on his part, said that the hardest decision he had had to make was the introduction of know-your-customer protocols on the exchange last year. “I felt like I had to do something morally wrong to allow the company to persist…It’s a really awful position to be in,” said Voorhees. According to Vorhees, the decision was a hard one because he was personally against the idea of asking users to give up their personal information. He eventually conceded to the decision as a form of picking and choosing his battles and considering the long-term implications. Despite the tough decision that was made, Vorhees is still confident that, in the future, people will be able to carry out transactions in a completely decentralized manner and without any censorship or interference. “Society is comfortable about this idea that people should be able to talk freely with each other … the fact that money is treated differently is a huge injustice. I hope that crypto breaks that discrepancy,” he said. Despite the CEO’s optimism, the company has faced some challenges in recent times, especially with having to lay off a third of its staff due to the crypto price slump.
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Federal Judge in Crypto Proceeding Re-examines Blockvest (BLV Token) Case

In November of 2018, a California federal judge refused to approve a preliminary injunction as was requested at the time because there were a few inquiries and it was yet to be determined if, based on the Howey Test, the token in the case was a security. However, the same judge seemed to have re-assessed the situation and has made the decision to grant a motion the SEC’s requested, for Partial Reconsideration. Details of the Case The SEC, at the time, had charged a few offenders on account of transacting business involving sales of securities that were unapproved and not registered. The tokens, called BLV tokens, were defended by their stakeholders with the claim that they had been pre-approved by the CFTC, the National Futures Association and even the SEC. The accused also claimed on their website, that they had received approval from an agency called the “BEC”, although that seemed to have been fabricated. The Re-Assessment Generally, it almost never happens that during a prosecution, a federal judge will have a change of mind. This only happens when a motion for re-examination has been put forward. However, when a case has new evidence or laws have been changed or wrongly applied, a judge could consider a change of mind. The judge has now decided that the information on the accused’s website contained offers for transacting in unapproved tokens and this still holds water whether or not a transaction was completed. The Howey test is a divided into three parts and all three were violated. The accused expressed their opinion that an injunction is too much of a response from the courts especially because some progress had been made regarding admittance of guilt, an addition of a proper counsel to the team and the decision for these people not to do an ICO. However, the court did not agree especially because of the made up agency – BEC – and many other different falsities. The court also considered the possibility that the accused might not discontinue all the wrongdoings. Reactions to the case and the court rulings have been polar with some proclaiming it as appropriate while other have expressed that it might be an overreaction.
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Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum

Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum Argentina has recently settled an export deal with Paraguay in Bitcoin. Although the net value of the deal was only $7,100, it is a welcome step. Gradually, more countries will recognize the advantage of using cryptocurrencies for cross-border deals. Digital asset management fund Grayscale […] Cet article Top 5 Crypto Performers Overview: Dash, Neo, Binance Coin, EOS, Ethereum est apparu en premier sur Bitcoin Central.
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