Chile’s Court Orders Two Banks to Re-open Accounts of Crypto Exchanges

Chile’s Court Orders Two Banks to Re-open Accounts of Crypto Exchanges

cryptocurrency exchange
April 26, 2018 by Bitzamp
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Chile’s Court Orders Two Banks to Re-open Accounts of Crypto Exchanges Chile anti-monopoly court has ordered two banks to re-open the accounts of Buda cryptocurrency exchange. Earlier this month; a group of exchanges in Chile filed a lawsuit against the banks’ decision to shut down their accounts. Buda, Orionx, and CrytpoMarket say that the banking
Bitzamp

Chile’s Court Orders Two Banks to Re-open Accounts of Crypto Exchanges
Chile anti-monopoly court has ordered two banks to re-open the accounts of Buda cryptocurrency exchange.
Earlier this month; a group of exchanges in Chile filed a lawsuit against the banks’ decision to shut down their accounts.
Buda, Orionx, and CrytpoMarket say that the banking system has taken unilateral action in Chile that’s “killing the entire industry.” Buda sued the banks after what it said was an “unjustified” closing of its accounts.

The anti-monopoly court of Chile released the decision on its website, ordering state bank Banco del Estado de Chile and Itau Corpbanca to re-open Buda’s accounts while the exchange’s lawsuit continues against 10 banks, including the two mentioned.

Even after the publication and posts on the social media, the banks refused to respond. When the court verdict was released, Buda said, in a statement:

“We now hope to resume payments and withdrawals in pesos again as soon as possible, and normalize operations in the Chilean market. Our struggle is symbolic, it is the struggle of the entire cryptocurrency industry. There is still a long way to go, but this ruling is an excellent sign.”

The CEO of Buda, Guillermo Torrealba, said that while Chile would like to be open and liberal in the face of new technologies, the varnish is thin:

“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.”

Torrealba says that the banking system in Chile is creating a worse environment than Ecuador, Bolivia, or China, for cryptocurrency trading. He also emphasized there are no laws, rules, or legislation that will restrict the normal operation of cryptocurrency, but the banking system is predominating and regulating the cryptocurrency trading.


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