Chilean Court Agrees To Hear Case Brought By Three Crypto Exchanges

Chilean Court Agrees To Hear Case Brought By Three Crypto Exchanges

cryptocurrency exchange
April 17, 2018 by Bitzamp
4732
Chilean Court Agrees To Hear Case Brought By Three Crypto Exchanges A court in Chile indicated that it will hear a case brought by three cryptocurrency exchanges that recently had their bank accounts closed. It has being reported that the crypto exchanges Buda, CryptoMarket (Crypto MKT), and Orionx, have successfully sought to have their cases
Bitzamp

Chilean Court Agrees To Hear Case Brought By Three Crypto Exchanges
A court in Chile indicated that it will hear a case brought by three cryptocurrency exchanges that recently had their bank accounts closed.

It has being reported that the crypto exchanges Buda, CryptoMarket (Crypto MKT), and Orionx, have successfully sought to have their cases heard by an appeals court to confront a banking blockade they’re currently facing.

The appeals court agreed to hear the cryptocurrency exchanges, although their bank accounts remain closed. BUDA CEO Guillermo Torrealba said that the wave of account closures threatens to take cryptocurrency trading in Chile “back five years,” to a time when trades had to be conducted over the counter.

BUDA and Crypto MKT both report being told by another (unnamed) bank that it had been instructed not to “open accounts for anyone who has a relationship with cryptocurrencies.”
Guillermo Torrealba, Buda’s chief executive officer, was quoted as saying:

“They’re killing an entire industry. It won’t be possible to buy and sell crypto in a safe business in Chile. We’ll have to go back five years and trade in person. It seems very arbitrary.”

At the time of that declaration, the commercial banks Banco Itaú Chile and Scotiabank Chile had already closed accounts belonging to BUDA and Crypto MKT, respectively, although it is not clear whether the banks’ shares are the result of some type of coordinated or mandatory political effort.

Mario Bravo, the lawyer of the exchanges, has declared: “We are going to sue the TDLC to all the banks that denied or hindered the opening of current accounts to these companies and to those who, having opened them, closed them. Here are the majority of the banks in the square.” Mr. Bravo describes the events as comprising “an abusive exploitation of a situation of economic dependence.”


Join Us On Telegram


 

Add a Comment