STJ finds Bradesco right and keeps Foxbit account closed

Minister considered that a bank is not obliged to maintain an open exchange account

STJ gives Bradesco reason and keeps Foxbit account closed

The Superior Court of Justice (STJ) has dismissed an action brought by the brokerage firm of cryptomoedas Foxbit against Bradesco for the reopening of its current account. In the decision published on Wednesday, it is stated that the bank acted in Bitcoin Millionaire accordance with the rules of the Central Bank.

Foxbit had been fighting in court to reopen its account closed with Bradesco as early as 2017, but had no way. The account will remain closed. The cryptomaniac brokerage firm had argued that the bank could not close the account unilaterally, even with notification and a deadline for its closure. This view, however, is not the same as that of the judiciary.

According to the decision of the reporting minister Paulo de Tarso Sanseverino, the STJ’s understanding is that „unilateral termination of the bank account contract by the financial institution is feasible, provided that prior notification is given“.

Sansaverino pointed out in the decision that Foxbit had been notified twice of the closure. The magistrate then said that there was nothing to reform in the state court’s decision in favour of Bradesco bank and that the discussion brought to the STJ by the brokerage firm of cryptomorphs would be „mere non-conformity with the decision made, which does not in itself reveal the existence of any defect in it“.

 

The result, however, was that the minister of the STJ only cited other decisions of the higher court showing that regardless of being a consumer matter, the bank can terminate the contract unilaterally, without any problem.

In addition, the magistrate pointed out that Foxbit had confessed that it had received two notifications from Bradesco. One was sent to the brokerage house in April 2017, by which the bank announced that Foxbit’s account would be closed within 15 days.

„Faced with the confession of the plaintiff herself, and the proceedings being regular and permitted, the solution to the controversy took place independently of discussions on the application or not of Law 8.078/1990 to the case.

Different decisions

According to the reporting minister’s decision, the state court had given a reasoned ruling on the case, „explaining the reasons which led to its conclusions as to the admission of the aggravating factor with regard to the notification and the 15-day period for withdrawal. In addition, more than one year has elapsed from that period“.

That period, which the Minister refers to, was the time that Foxbit kept its account with Bradesco open even after the notification. The issue is that the brokerage house obtained a favourable decision from the 10th Civil Court of Santo Amaro (SP), where the lawsuit was originally filed.

After the interlocutory injunction was announced in May 2017, the judge in charge of the case converted the preliminary injunction into a definitive decision by means of the judgment issued in February 2018.

Bradesco was prohibited by the Court from closing Foxbit’s account, at least during that time. With that decision, the bank decided to appeal and in July 2018 the 22nd Chamber of Private Law of the TJSP allowed Bradesco to close the exchange account.

Foxbit kept the account opened by court decision between May 2017 and July 2018, then decided to take the case to the STJ, where it was unsuccessful.