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Bitcoin Industry News

Court Rules Banco Santander to Return $350,000 to Mercado Bitcoin

An appeal made by the Spanish multinational commercial bank Banco Santander against crypto exchange Mercado Bitcoin has been dismissed by the Court Justice of the Brazilian state of São Paulo. The court’s ruling states that the bank must return the frozen funds to the company.

Frozen Funds and Closed Account

It was previously reported that Banco Santander shut down the exchange’s accounts because it did not meet the bank’s policy, so they had to freeze the funds. According to an article published by CriptomoedasFacil on March 8, the Brazilian cryptocurrency exchange found the action unjustified, so they brought the situation to the court.

The article also stated that the funds to be returned are around R$1,350,733, which is equivalent to almost $350,000. The ruling released on Impresa Oficial, an official government portal in Brazil, further specified that the appeal was dismissed by unanimous voting on March 6.

Mercado Bitcoin Wins Case

Mercado Bitcoin crypto exchange won the case, with Banco Santander being ordered to return the frozen funds with a 1 % interest per month. The bank also has to pay for the company’s legal expenses and fees fixed at 10 % of the value of the conviction.

In a similar situation in April 2018, Chilean crypto exchanges BUDA, CryptoMarket, and Orionx submitted their appeal to the court to oppose the banks that ordered the closure of their platforms’ accounts. After 2 months, the court ruled in favor of Orionx resolving that Banco Esta, a state-owned bank, should reopen the deposit account of the company.

Moreover, South Korea’s primary financial authority has also cleared banks to work for the first time with crypto exchanges starting October last year.

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