Chilean Crypto Exchanges Fight Back Against Banks 

Chilean Crypto Exchanges Fight Back Against Banks

The Chilean cryptocurrency exchanges Orionx, BUDA, and CryptoMarket have recently confronted the banks that shut down their platform business accounts. The exchanges have applied to appeals court. The courts have agreed to hear their case, however the bank accounts are still closed. This reported by Bloomberg on April 13.

Both Corpbanca and Scotiabank announced they are closing CryptoMarket and BUDA bank accounts on March 19. Banco del Estado also followed a week later with closures of all 3 cryptocurrency exchange accounts.

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The Chilean cryptocurrency community supported the cryptocurrency exchanges and their right of citizens to retain the ability to buy and trade cryptocurrency along with other locally launched coins. The community launched a twitter tag #ChileQuiereCryptos as a means to communicate and share support between community members.

One supporter, Hernán Maureira was appalled by the banks actions towards cryptocurrency stating “while the world is running hand in hand with this technology, Chile takes a step back.”

BUDA exchange co-founder Guillermo Torrealba states that the bank’s decision regarding this closure is “killing the industry”. According to Bloomberg reports, BUDA traded at around $1 million daily before the bank closed its account.

Buda and CryptoMarket, back in March 27 requested that the Chilean Association of Banks clarify its stance on cryptocurrency trading. The institution responded by claiming they were not responsible for issues between banks in crypto exchanges. They claim that such regulations are “exclusive competence of each institution.”

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