Banco Itaú: “We have nothing to do with cryptocurrency companies”

Itaú Unibanco is identified in the market as the largest private bank in Brazil.

And one of the largest companies in the world, according to Forbes ranking, taking into account attributes such as business generated, assets and market value.

However, the bank confessed through a document sent to the Administrative Council for Economic Defense (CADE) that it does not accept opening a current account for Bitcoin and cryptocurrency companies.

According to the content of the document, the institution claims that crypto companies are not regulated by any authorities.

For this reason, Itaú extends this “ban” on opening or maintaining an account also to the partners of these companies.

So, in the words of the bank:

"(...) this includes not accepting opening or keeping active accounts of crypto brokerage firms and natural persons involved in the same activity, including participants in the corporate structure of said brokerage firms," ​​he declared.

Itaú says it will not change its policy on cryptocurrency companies

Banco Itaú also stated that obtaining, through cryptocurrency exchanges, a CNAE of its own for its activity will in no way modify Itaú's policy.

In this way, the bank will continue to prevent cryptocurrency exchanges from opening a current account at its branches, or from keeping accounts already open.

Itaú also confessed to CADE that it has already closed several accounts of companies and people linked to the crypto market, including that of the exchange Mercado Bitcoin.

However, the pretext for this has to do with compliance with the rules on money laundering and terrorist financing.

"We have nothing to do with cryptocurrency companies"

In the document, Itaú also stated that it does not have any corporate relations with companies linked to the cryptocurrency market.

However, the bank is a partner of XP Investimentos, one of the largest investment brokers in Brazil.

However, XP offers exposure to cryptocurrency-based multimarket funds.

In addition, XP has also had a direct participation in the crypto market through a company called XDEX that ended its activities in 2020.

Itaú in the sights of Lava Jato

Now Itaú declares that it does not open an account for the bitcoin company for fear of being used for “suspicious activities”.

However, the institution is accused of helping account holders to receive more than R $ 1 billion in bribes, according to an investigation by Lava Jato.

According to investigations by the Public Ministry, within the Lava Jato operation, banks, including Itaú, allowed the opening of current accounts in the name of shell companies and companies operated by money changers.

In total, the banks would have 'made feasible' about R $ 1,3 billion in allegedly illicit receipts.

In some, this occurred through the co-optation of bank employees and failures in control systems for suspicious transactions.

Should war between banks and cryptocurrency companies decrease with Pix?

Many players in the crypto market in Brazil hope that with Pix, the problems of cryptocurrency companies with banks may lessen.

The thesis is that there will be companies that can offer solutions to this market integrated with Pix.

Thus, these companies could, in theory, bring agility to the sector despite the bad will of the banks.

To buy Bitcoin safely click here!

Follow Cryptoeconomics on social media!

• Telegram
• Facebook
• Twitter