ABCB cites Itaú’s Bitcoin offer in investigation on unfair competition

As part of the process that investigates alleged anti-competitive conduct by banks against exchanges, the Brazilian Association of Cryptoeconomics and Blockchain (ABCB) cited recent investment offers from Banco Itaú.

The official letter in question was sent on Thursday (12) to the Administrative Council for Economic Defense (CADE).

Recently, as reported by CriptoFácil, the bank began offering investment in cryptocurrencies to its VIP clients of Itaú Personnalité.

Clients can now invest in the cryptocurrency ETF created by the Hashdex manager, the Hashdex Nasdaq Crypto Index (HASH11).

In addition, the bank launched an index fund to invest in blockchain-related companies such as MicroStrategy.

Itaú offers investments in Bitcoin

At the craft sent to CADE, Fernando Furlan, president of ABCB, presented copies of publications by Banco ltaú and its segment ltaú Personnalité.

In the images, Itaú highlights Bitcoin as an innovative, revolutionary and promising asset. The bank even promoted live broadcasts to explain the advantages of investing in Bitcoin and publicize the offer of the new investment.

According to Furlan, Itaú is one of the financial institutions “most aggressive in relation to crypto-asset brokers, the exchanges”.

This is because it is the bank that acts the most in the unjustified closure of exchanges accounts. In addition, according to ABCB, it is one of the banks that most deny opening accounts to brokerages.

The ABCB representative also stated that the information provided can contribute to a decision on the case.

Banks compete with exchanges

The document in question is part of the lawsuit filed by ABCB against banks for closing exchanges accounts.

Specifically, the initial of the lawsuit alleges that banks close exchanges accounts in an anti-competitive attitude. The case has been analyzed since June 2018.

On one occasion, there was a decision by the CADE Superintendence in favor of the banks and against exchanges.

However, one of CADE’s counselors disagreed with the decision and the process was once again analyzed by the institution.

In May of this year, ABCB sent CADE another letter stating that the offer of a BTC ETF proves that banks compete with exchanges.

Also read: ABCB reiterates appeal against CADE’s filing decision

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