Crypto exchanges in Brazil may soon lose banking support as a major commercial bank has refused to abide by an agreement preventing the closure of cryptocurrency exchange accounts. Across Latin America, crypto trading platforms continue to experience difficulties maintaining banking relationships.\n\nBanco Bradesco Ignores Agreement to Stop Crypto Exchange Account Closures\nAccording to Hispanic cryptocurrency news outlet Criptonoticias, Banco Bradesco \u2014 one of Brazil\u2019s major commercial banks, is refusing to honor any agreement preventing the closures of crypto exchange accounts.\nBack in late December 2019, Brazil\u2019s Administrative Council of Economic Defense (CADE) ruled that it was not illegal for banks to withdraw services from crypto exchanges. At the time, CADE argued:\nThere is no evidence of antitrust crimes as a result of the rejection of some banks to establish contracts with certain cryptocurrency exchange [platforms].\nCADE\u2019s December 2019 ruling was a departure from its previous stance that such actions included sufficient anti-trust elements. In response, the Brazilian Association of Cryptocurrencies and Blockchain (ABCB) described the ruling as being full of \u201cdarkness, contradictions, and omissions.\u201d\nFor Banco Bradesco, digital assets pose serious money laundering risks. Thus, the bank is reportedly choosing not to abide by any demands from the ABCB regarding account closures for crypto exchanges.\nApart from Banco Bradesco, other commercial banks are also moving ahead with shutting down accounts belonging to crypto exchanges. Sao Paulo\u2019s Court of Justice recently dismissed an appeal filed by Mercado Bitcoin \u2014 a Brazilian crypto exchange, against Bank of Brazil following the decision by the latter to close down its bank accounts.\nAs previously reported by Bitcoinist, Bitcoin Max, another Brazilian crypto exchange, won a court battle to keep its accounts with Santander Bank.\nLatin American Exchanges Under the Cosh\nThe situation in Brazil appears to be symptomatic of the established trend across Latin America especially in countries like Chile. As reported by Criptonoticias, Banco de Cr\u00e9dito e Inversiones, one of Chile\u2019s commercial banks, has shut down accounts belonging to crypto exchange, Chilebit.\nBack in April 2018, Chilean crypto exchanges obtained a reprieve as the Appeals Court ordered banks to reopen their accounts. At the time, crypto stakeholders in the country railed against the trend of banks refusing to offer banking support to virtual currency exchanges.\nHowever, in December 2018, Chile\u2019s Supreme Court ruled in favor of Chile\u2019s state-owned bank, justifying its decision to shut down the account of the crypto exchange Orionx.\nWhat do you think about Latin American banks refusing to service crypto exchanges? Let us know in the comments below.\n\nImages via Shutterstock The post appeared first on Bitcoinist.com.