Chilean Court Orders Banks to Re-open Crypto Exchange’s Accounts

Chilean Anti-Monopoly Court Orders Banks To Re-Open Crypto Exchange’s Accounts

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  • Chilean Court Orders Banks to Re-open Closed Crypto Exchange’s Accounts.
  • The banking sector is making Chile a worse environment for cryptocurrency business.

Chile: According to a report on 25th April, Buda, the main cryptocurrency exchange in Chile has persuaded the Chilean anti-monopoly court into ordering the re-opening of its accounts at two major Chilean banks.

The Chilean anti-monopoly court published its ruling on its website, directing 2 state banks – Banco del Estado de Chile and Itau Corpbanca – to re-open Buda’s closed accounts while Buda continued with its lawsuit against 8 other banks. Buda sued these banks for what it called an “unjustified” closing of its accounts.

A group of Chilean crypto exchanges including Buda, Orionx, and CrytpoMarket had earlier this month filed legal actions against the banks’ decision to close down their accounts. The exchanges claimed that the banking system has taken an autonomous action that is “killing the entire industry.”

Guillermo Torrealba, CEO for Buda, stated during an interview that though Chile seeks to present itself as being open and liberal to new technologies, the likelihood is very slim:

“Chile is showing its “B” side, that of being an extremely conservative country, even though we make huge efforts for the world to see us as liberals.”

Guillermo added that notwithstanding the exchanges’ outcries in the media and on Twitter, Chilean banks have refused to respond. He said that the banking sector is making Chile a worse environment for cryptocurrency than China, Ecuador, or Bolivia. Guillermo also stressed that there are no laws, rulings, or legislation within Chile that stop cryptocurrency exchanges from running their operations freely and normally, but that the banking sector has taken on the role of being a hegemonic regulator:

“There hasn’t been one regulator, legislator or government official saying that cryptocurrencies aren’t legal, it was just the decision of a very powerful sector of the economy: the banking industry.”

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