The Brazilian Antimonopoly Authority opened investigation into the largest banks suspected of unreasonably refusing to cooperate with companies working in the field of cryptocurrency trading.

The Administrative Council for Economic Protection (CADE)- the antitrust regulator of Brazil - will inspect and investigate the actions of major Brazilian banks accused of closing accounts of cryptocurrency companies. The investigation will affect such large Brazilian banks as Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding, Banco Santander Brasil, Banco Inter and Sicredi Bank.

Banks may be "imposing restrictions or even prohibiting ... the access of crypto-derivatives brokers to the financial system, which, in fact, can bring losses to brokers," the CADE said in a note.

The investigation was launched in response to the request from Brazil's Association of blockchain and cryptocurrency. In turn, the association refers to several complaints from Brazilian companies engaged in cryptocurrency trading. Thus, local trading platform Atlas Quantum One faced unreasonable closure of its accounts in Banco do Brasil.

Brazil banks counter all accusations by mentioning that they are forced to close accounts of crypto companies because they do not provide mandatory data about their users, which are required in accordance with the AML rules.

Cases of unreasonable closure of bank accounts in relation to cryptocurrency companies are not uncommon. Thus, Chilean crypto exchanges had to achieve banking services through court hearings. The similar actions of banks were faced by various cryptocurrency exchanges of Australia, New Zealand, Bulgaria, and many other countries. In some jurisdictions, regulators themselves are initiating closure of accounts of crypto companies. Thus, in April, the Reserve Bank of India (RBI) ordered national banks to cease working with crypto companies.