The Brazilian Court of Justice in the state of São Paulo has dismissed the appeal made by Banco Santander against Mercado Bitcoin, cryptocurrency exchange, and ruled that the bank should return funds to the company, local crypto media CriptomoedasFacil reports on March 8.

Previously, the bank had  closed the exchange’s account, claiming that its activity was unsuitable with its regulatory policy and froze the funds. According to an article, the Brazilian exchange took action through the courts against the closing of its account, claiming that the freeze of its funds was unjustified.

Per the report, the funds to be returned amount to R$1,350,733 (equivalent to nearly $350,000). The March 6 ruling on official government portal ImpresaOficial further specifies that the appeal has been dismissed by unanimous vote.

The report additional explains that the exchange already won the case, with the bank having been ordered to return the funds plus interest of one percent per month, and pay for the legal expenses of the corporate and legal fees fixed at 10 % of the worth of the conviction.

Moreover, the bank has since appealed the order and this appeal has currently been unemployed.

As Top Market group reported in December last 2018, two major Chilean banks have urged the country’s anti-monopoly court to revoke its decision that prevents the closure of local crypto exchanges’ banking accounts.

In April 2018, Chilean cryptocurrency exchanges BUDA, Orionx and CryptoMarket (CryptoMKT) had applied to an appeals court to confront the banks that shut down their platforms’ accounts.

The court ruled later in July the same year in favor of crypto exchange Orionx, resolving that the state-owned bank Banco Estado ought to open the company’s savings account.

Moreover, in October last year, South Korea’s main monetary authority formally cleared banks to figure with crypto exchanges for the primary time.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now.