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Court In Chile Rules Not To Close Bank Accounts Of Crypto Exchanges

16:16 04/01/2019

The antimonopoly court in Chile supported local digital exchanges and lifted some restrictions imposed on the crypto business by banks, Diario Financiero reports.

 

The court ruled that financial institutions in Chile should not close the crypto startups' accounts. According to the Buda.com exchange, which also experienced banks' counteraction, the state antimonopoly court conducted a vote, and the major part of the officials supported digital platforms.

Besides, the antimonopoly authority challenged the ruling of the Supreme Court of Chile, according to which banks were not obliged to provide services to cryptocurrency exchanges since these are not regulated by the law.

 

Last year, the Latin American digital platforms CryptoMKT, Buda.com, and OrionX complained that a number of banks stopped servicing their accounts. Then, the Santiago Court of Appeal acted in defense of the crypto business as well and ordered the state Banco Estado to unblock the account of the OrionX exchange since the bank representatives could not prove a suspicion of money laundering on the platform.

 

The antimonopoly court and the Ministry of Finance of Chile promised to provide protection to startups, creating the necessary legal regulation. However, at the end of 2018, Finance Minister Felipe Larrain stated that the crypto laws are still under development.

The next hearings on the case of crypto exchanges against Banco Estado and Itau will be held in February.

 

Traditional banks do not always willingly cooperate with exchanges and startups in countries with weak crypto regulation. At the same time, they have a better attitude to blockchain technology. Earlier, Itau issued a syndicated loan on blockchain.

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