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Chilean Crypto Exchanges Appeal Against Banking Embargo

Chilean Crypto Exchanges Appeal Against Banking EmbargoA number of Chilean cryptocurrency exchanges have sought to appeal the recent decision by several Chilean banks, including state-owned Banco del Estado de Chile, to suspend the accounts of cryptocurrency exchanges. Also Read:Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $36 Million

Chilean Crypto Exchanges to Receive Appeals Hearing

Chilean Crypto Exchanges Appeal Against Banking EmbargoBanco del Estado de Chile headquarters in Santiago It has been reported that Chilean cryptocurrency exchange platforms, Buda, Orionx, and Cryptomkt, have successfully sought to have their cases heard by an appeals court – the Court of Defense of Free Competition (TDLC). At the start of the month, Buda, Orionx, and Cryptomarket were given notice by Banco del Estado de Chile – the last remaining public bank in Chile, which has for sixty-five years sought provide services to smaller enterprises and the country’s unbanked, that their accounts with the bank were to be suspended. The notice of the account closures was given shortly after the three exchanges received account terminations from The Bank of Nova Scotia and Itau Unibanco Holding S.A of Brazil. Mario Bravo, the exchanges’ lawyer, has stated “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.”

Banking Embargo Comprises Existential Threat to Chile’s Cryptocurrency Sector

Chilean Crypto Exchanges Appeal Against Banking EmbargoBuda’s co-founder and chief executive officer, Guillermo Torrealba, has accused the country’s banks of “killing an entire industry.” Mr. Torrealba criticized the banks’ position, predicting, “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.” Prior to the current banking embargo, Buda facilitated approximately $1 million USD worth of cryptocurrency trades daily. “Hopefully the appeals court will see we’re right,” said Mr. Torrealba. Despite the banking embargo forcing the Chilean exchanges to return all funds held in fiat currency to investors, Orionx has indicated that it will continue to offer trading for crypto-to-crypto pairings. Do you think that the appeals court will support the exchanges’ claims? Share your thoughts in the comments section below!
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Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand
Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Seve...

16.08.2018, 06:25Read more
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud. Also rea...

16.08.2018, 04:25Read more
Five Benefits to a Bear Market
Five Benefits to a Bear Market

We’ve been in a slump for a while now, and by the looks of it will remain in one for a good while longer. How long, how low, and how slow the recovery is anyone’s guess. If you’re reading these words, you’re still here, and thus it’s safe to assume you’re in this for the […] The post Five Bene...

16.08.2018, 02:05Read more
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