An interesting decision made by the Brazilian court is in the digital currency news today. More precisely, the Court of Justice in the Brazilian state of Sao Paulo has recently dismissed the appeal made by Banco Santander against the cryptocurrency exchange Mercado Bitcoin and ruled that the bank should return funds to the company.
The news was first reported in a crypto press release found on the local cryptocurrency media outlet CriptomoedasFacil on March 8th. Previously, the bank reportedly closed the account of the exchange because of “incompatible activities with the policy” which made it freeze the funds.
Per the report, the funds need to be returned right now. The amount isR$1,350,733 which equals nearly $350,000 – further explaining that the exchange already won the case with the bank having been ordered to return the funds – plus an interest of 1% monthly – and pay for the legal expenses, legal fees and 10% of the value of the conviction.
The bank has since appealed the order and the appeal has now been dismissed.
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