Santander Loses Appeal Against Brazilian Crypto Exchange, Fine Upheld

17 Jun 2019

Santander Loses Appeal Against Brazilian Crypto Exchange, Fine Upheld

Major Spanish bank Santander (MC:SAN) has been denied an appeal regarding a decision by the Court of Justice of the State of São Paulo in a case against crypto exchange Mercado Bitcoin, Cointelegraph Brazil reports on June 17.

Santander was sued by the Brazilian exchange Mercado Bitcoin in 2018, after the bank purportedly closed the exchange’s account at its sole discretion. The bank, which has branches in Latin America, cited concerns over the origin of the account’s fund due to the nature of the crypto exchange’s activities.

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