A Brazilian became scared after Bitcoin purchases appeared on his Banco do Brasil credit card and sued the institution for not charging this bill.
It is worth remembering that not many brokers and platforms allow the purchase of Bitcoin with a credit card. In Brazil, Binance is one of the brokers that allows this, one of the main ones that offers this means of payment to customers.
However, all over the world it is possible to buy Bitcoin on other platforms, even those unfamiliar to Brazilians. One is the Ramp Swaps platform, which claims to be regulated by the UK and US, with a “strong” Know Your Customer (KYC) mechanism.
And Brazil is one of the regions that this platform supports, according to information available on its own website.
Customer claims not to know Bitcoin purchases with Banco do Brasil credit card
In the case of the Brazilian Banco do Brasil customer, he was surprised by the charge on his credit card account for the purchase of Bitcoin. There were two acquisitions of the digital currency, one for BRL 5,492.20 and BRL 21,858.96.
Since it was an international purchase, there were also IOF costs for the operation of R$350.40 and R$1,394.60, i.e. a possible loss of almost R$30 thousand on your card account.
In court, he claimed to be unaware of these Bitcoin acquisitions at the company Ramp Swaps and asked to analyze his case as a matter of priority, which the judge in Piracicaba, in the interior of São Paulo, agreed.
In addition, he asked for the false charge to be deleted from the bill and asked for urgency, a situation accepted by the magistrate. If Banco do Brasil charges for Bitcoin purchases, it may have to pay a daily fine of BRL 2,000 up to a limit of BRL 30,000.
“I hereby grant the emergency request to determine that the Defendant Bank will refrain from collecting, administratively or judicially, the purchases of cryptocurrencies from the company Disaster Swaps, in the amount of BRL 5,492.20 and BRL 21,858.96; as well as the amounts of IOF, R$350.40 and R$1,394.60 related to such operations, under penalty of a fine of R$2,000.00 for improper collection, up to the initial limit of R$30,000.00. ”
Banco do Brasil was cited to defend itself
As the process is at the initial stage and has been treated with priority and urgent protection, Banco do Brasil has not yet commented on the case. The judge asked the institution to summons and to respond within 15 days, on pain of default.
Thus, the curious case of buying Bitcoin on a credit card should be quickly clarified by the bank’s defence.
But what draws attention is that the British brokerage says it has implemented a KYC mechanism, but as the Brazilian does not acknowledge the purchase, it is confusing that such a fraud prevention measure is being applied by the platform.
O live coins contacted Ramp Swaps to understand the matter, with the platform saying it is limited to five purchases that can be made without KYC.
“You can read about KYC here (https://support.ramp.network/en/articles/441-what-are-the-kyc-limits) 5 transactions can be made without verification. As for card transactions, we only accept cards with 3-D Secure enabled. We also do not accept third-party cards, so they must be issued with the same name as the document provided for verification. You can consult our terms and conditions here on our website (https://ramp.network/terms-of-service/)”.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
