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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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Iran Considers Using Cryptocurrencies to Evade US Sanctions
Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US doll...

17.07.2018, 03:55Read more
P2P Markets Report: Latin American and Hungarian Volume Surges
P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-r...

17.07.2018, 01:55Read more
G20 Watchdog Unveils Framework to Monitor Crypto
G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.” Also read: Yahoo!...

16.07.2018, 23:55Read more
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