Crypto Trading – Billionaire365

Six Brazilian Banks Are Under Scrutiny For Illegally Closing Bank Accounts Of Several Crypto Trading Companies

The Brazilian Administrative Council of Economic Defense opened an investigation against six Brazilian banks for allegedly using their market position to restrict crypto trading operations, putting cryptocurrency exchange platforms at a disadvantage. This inquiry comes following a request filed by the Brazilian Association of Cryptocurrency and Blockchain.

Six Brazilian banks under scrutiny from the Administrative Council of Economic Defense

The Brazilian regulatory agency began investigations on Tuesday, September 18th, alleging that monopolistic practices are being carried out at Banco do Brasil, Bradesco, Itau Unibanco, Santander Brasil, Banco Inter, and Sicredi, according to Reuters.

The association accused the six Brazilian banks of closing accounts related to cryptocurrency trading without offering explanations, which was considered by the authorities as one of the critical elements to initiate the investigation.

In the Administrative Council of Economic Defense’s report, according to Reuters, the institution questions the right of the six Brazilian banks to close accounts for crypto-related operations

“It does not seem reasonable for banks to apply a priori restrictive measures in a linear manner to all cryptocurrency companies, without analyzing the level of compliance and the anti-fraud measures adopted by each crypto exchange individually, which gives a treatment of illegality per se to the activity of crypto trading,” stated the Brazilian Administrative Council of Economic Defence in their report.

The war between banks and crypto trading companies continues in Brazil

The report also cites sources linked to banks that alleged that, in Brazil, there is currently no established cryptocurrency regulatory framework, nor guarantees for cryptocurrency exchanges to apply specific rules to prevent money laundering, for example. The banks point out in their defense that there are “illicit activities that should be avoided” and that “banks should take restrictive measures when there are indications of illegal practices.”

The conflict between Brazilian banks and crypto trading companies continues as, in the most recent case, Bradesco illegally closed the bank accounts of Braziliex cryptocurrency exchange.

With this new investigation, the war between the Brazilian banks and the crypto trading companies across Brazil could settle down.

Anna Galvez

Robinhood Financial to Release Crypto Trading Which is Free of Commission

Robinhood Financial reported the release of crypto trading without any charges in four US states: California, Massachusetts, Missouri, and Montana. The rundown is to be broadened later. Robinhood Financial, California-based money related company releases crypto trading, which has no commission in some U.S. states, with others on the waitlist.

Which are the cryptocurrencies which are now charge-free?

Investors in California, Massachusetts, Missouri, and Montana can exchange Bitcoin and Ethereum with no expenses, however, clients will still be in charge of expenses charged by the underlying exchanges. More coins which can be traded are to be included later.

About Robinhood Financial

Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which ensures securities clients of its individuals up to $500,000. It was opened in 2013 and Robinhood is a well-known stock trading application inside recent college grads with 4 million enrolled clients.

In January this year, the company propelled Robinhood Crypto which gives rivalry to the several other bitcoin trades including US-based Coinbase, which is among the main trading platforms. Presently, with absence of charges, Robinhood is probably going to bait more crypto investors.

As a feature of the release, the stock brokerage additionally released the dispatch of a web-based social network platform named Robinhood Feed. It is an online social dialogue forum that gives investors a probability to talk about various digital currencies, advertise patterns and news from the web.

Right now, Robinhood Financial has over $100 billion in exchange volume on its business platform

The primary declaration of the Robinhood’s intends to begin zero-expense crypto trades which pulled in one million clients in simply four days, the first four days. The primary thought of this sans commission exchanging is to convey digital forms of money to a more extensive audience formed of investors, giving them a platform that “democratizes” trading through extending the group of potential investors utilizing mobile and online applications.

Henry R. Lares

Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.