Two Major Chilean Banks Ordered To Reopen Cryptocurency Exchange Accounts

Chilean court sends an order to major Chilean banks to re-open the cryptocurrency account of Buda, one of the country’s leading cryptocurrency exchanges.

A possible move to prevent a comprehensive ban on cryptocurrencies in the country Chile’s anti-monopoly court ordered that the state bank Banco del Estado de Chile and Itau Corpbanca should re-open the cryptocurrency exchange’s account.

As well as the two banks ordered to re-open its accounts, there is an ongoing lawsuit by Buda against 10 Chilean banks. Following the closure of its accounts in a decision considered as “arbitrary” and “unjustified”, the exchange sued the banks.

As reported earlier this month, Buda, Crypto MKT, and Orionx exchanges were closed by the country’s banks with no justified reason. During that time, Buda Estado stated that it decided “not operate with companies that are dedicated to the issuance or creation, brokerage, intermediation or serve as a platform for the so-called cryptocurrencies.”

Reacting to this comment, the exchanges decided to forward the case to an appeals court, a decision, considering the success of Buda, may be worthwhile for the exchange. Presently, Crypto MKT and Orionx accounts continue to remain close.

According to reports, Chile’s financial institutions are possibly effecting a ban on the cryptocurrency industry. Buda’s chief executive officer, Guillermo Torrealba was clear when he stated: “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.”

For some, the comprehensive ban is made by the Chilean government, as the country’s Financial Stability Council, the Finance Ministry and the securities, banks, and pension funds regulator send out warnings regarding the risk of cryptocurrencies on April 5-prior to the time banks started banning exchanges.