Chilean Crypto Exchanges have Moved to Court to Fight Banks’ Decision to Close their Accounts

Exchanges are accusing banks of intimidation

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Cryptocurrency exchanges Orionx, CryptoMarket and BUDA of Chile have moved to court to confront the country’s banks which closed down their bank accounts. The banks have reportedly not opened the accounts even after the appeal court agreed to listen to the case. According to a report from Chilean two banks, Scotiabank and Itau Corpbanca announced the closure of accounts belonging to CryptoMarket and BUDA on March 19th. One week after that closure another bank Banco del Estado de Chile followed the same footsteps by closing accounts belonging to all the three exchanges.

Cryptocurrency was increasingly becoming popular in Chile, and the community has come up supporting the exchanges by starting a tag on Twitter called #ChileQuireCryptos which means Chile Wants Crypto. The citizens are blaming the banks for trying to kill the growing markets which include two Chilean locally local Coins Chaucha and Luka. One Twitter use blamed the banks for taking the country back instead of emulating other countries which are moving hand in hand with the technology.

Guillermo Torrealba BUDA’s CEO believes that the actions by the banks to close down the accounts are going to kill the entire crypto industry in the country. BUDA was doing very well before the closure because it was trading more than one million dollars daily. According to Torrealba:

“It will not be easy to buy and sell cryptocurrency in a safe business in Chile. This will now take the country five years back where people will have to trade in individually.”

BUDA and CryptoMarket, which are the two largest exchanges in the country on March 27th, publish a statement asking the Chile Association of Banks to come out clear and clarify their stand about cryptocurrencies and crypto trading. The association defended itself saying that it was not responsible for solving the problem between the banks and crypto exchanges. The association further said that such regulations were exclusively based on the competence of each institution.

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