Crypto News From Brazil: Sept. 9-15 in Review

Published on by Cointele | Published on

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Brazil has seen another tumultuous week in the cryptocurrency industry.

Several courts are going after crypto companies accused of being pyramid schemes, the country's Securities and Exchange Commission stated that crypto exchanges need authorization from local authorities, while a former Brazilan soccer star has become an ambassador for a newly launched cryptocurrency.

Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil.

Rio de Janeiro court orders Unick Forex to pay $28,500 to clientA court in Rio de Janeiro has ordered supposed investment scheme Unick Forex to pay $28,500 to a client who filed a lawsuit against the company for a delay in platform withdrawals and moral damages.

São Paulo State Court of Justice in search of virtual assets of alleged pyramid schemeThe State Court of Justice in Sao Paulo has made a block request to several Bitcoin trading companies such as Bitcoin Market and Atlas Quantum.

The judicial block was requested by a customer who was unable to retrieve his funds from the Miner platform, which is accused of operating a fraudulent scheme that claimed to invest in Bitcoin and cryptocurrencies promising very high returns.

Financial regulator says crypto platforms need authorization from municipalitiesOn Sept. 10, the CVM stated that companies or individuals who raise funds from third parties for investment in cryptocurrencies need authorization from local municipalities.

The CVM added that, although Bitcoin and cryptocurrencies do not have a defined status in the country, crypto investments "Can be understood as securities and, as such, require an opinion from the local authority, even if the investment offer is 'crypto-to-crypto'."

Member of parliamentary commission asked to regulate Bitcoin accused of fraudOn Sept. 9, Cointelegraph Brasil reported that a member of the parliamentary commission that intends to regulate Bitcoin and cryptocurrencies was accused of several scams and fraud.

Former clients, partners and employees jointly accused Deputy Luis Miranda for alleged scams in Brazil and in the United States.