BRASÍLIA, March 19, 2026 — Brazil’s competition authority has upheld a preventive measure against Itaú Unibanco as part of an ongoing investigation into alleged anticompetitive conduct in the digital wallets market.
The Administrative Council for Economic Defense (CADE) rejected most of the bank’s appeal against the measure imposed by its investigative arm, citing preliminary evidence of potential harm to competition.
The case concerns possible restrictions on transactions involving digital wallets, which regulators said could limit the ability of competing providers to operate effectively in the market.
CADE’s tribunal found that the conditions for maintaining the preventive measure were met, particularly given indications of a competition law infringement and the risk of damage if action were delayed until a final decision.
The authority said the conduct under investigation may create barriers to entry or expansion for other market players, justifying interim intervention to preserve competitive conditions.
While maintaining the measure, CADE introduced adjustments to ensure procedural fairness, including granting Itaú access to relevant evidence used in the case, subject to confidentiality protections.
The tribunal also required that any refusal of transactions be based on objective, transparent and non-discriminatory criteria.
Failure to comply with the measure could result in daily fines of 250,000 reais.
The investigation remains ongoing, with CADE continuing its economic analysis of the digital payments sector.
Source: https://www.gov.br/cade/pt-br/assuntos/noticias/cade-mantem-medida-preventiva-aplicada-ao-itau
