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Anti-monopoly Court in Chile gives the verdict in favour of Keeping Crypto Exchanges Bank Accounts Open

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On January 2, Financial news outlet Diario Financiero reported that the anti-monopoly court in Chile had granted security to local cryptocurrency exchanges by asking the banks to keep their accounts open.

In a recent statement issued by Buda.com, one of the cryptocurrency exchanges damaged by upheld banking restrictions previously, TDLC (Tribunal de la Libre Competencia), an anti-monopoly court contested a poll where most of the participating members voted for crypto firms.

In the month of February, next few hearings are scheduled by TDLC where the organisation will witness the shreds of evidence provided by both parties. Top Chilean officials including the Minister of Finance (Felipe Larrain), Ministry of Economy (Jose Ramon Valente) and the President of the countries banks association (segismundo Schulin Zeuthen) will be attending the hearing.

Previously, in the month of December, Supreme Court of the country took a decision which suggested that the ‘banks had legal rights not to provide services to crypto exchanges, as they are not regulated by Chilean law and might be associated with money laundering.’

As an aftereffect, (Banco del Estado and Itau Corpbanca) banks looking to shut down crypto related accounts went forward to appeal in the anti-monopoly court insisting the court to cancel the protection measures. TLDC in its current verdict came out to clarify that the judgment granted by the Supreme Court is in no way a criterion for the upliftment of verdicts sanctioned earlier.

As reported in the month of March, cryptocurrency exchanges such as CryptoMKT, Buda.com and OrionX alleged that various banks blocked their accounts in Chile. With this news, TLDC made it a point to grant them protection. The Minister of Finance also assured them that they would formulate and implement desired crypto regulations on a priority basis.

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