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Chile’s Court In Favor Of Crypto Exchange

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Chilean Court Ordered Banks To Re-Open Crypto Exchange Accounts!

The two major banks of Chile have received a strict order from the country’s anti-monopoly court to re-open the crypto exchange accounts. The court has also filed a lawsuit of accusing anti-competitive behaviour against 10 banks. Under the same lawsuit, the court has ordered the two banks that they must get a renewal contract with the crypto exchanges accounts they have shut off.

The local media of the country reported that;

Chile’s Court TDLC – Tribunal de Defensa de la Libre Competencia has passed an order for two major banks of the country namely, Banco del Estado de Chile (Bancoestado) and Itau Corpbanca (Itau). Consequently, the order says that the two banks have to re-open the accounts of a local cryptocurrency exchange, Buda. The order has been released under the section of the lawsuit against 10 banks filed by Buda.

Buda Sued The Banks!

Buda which was formerly known as Surbtc, sued 10 banks when they shut down its exchange accounts. Apart from this, the banks also shut down the exchange accounts of Orionx and Cryptomkt exchanges. Bancoestado, Itau, Santander, Bci, Banco de Chile, Scotiabank, Bice, and Bbva were the ten banks against which the exchange filed the lawsuit.

Besides this, the court has mentioned that both the banks have to sign a contract with the exchange. The contract will be signed under the same terms and conditions which were previously decided by both the parties.

Also, the exchange is asking the court to punish all the ten banks with the maximum fine. The court should also order the banks to stop the practice and not to repeat this in future. As per the news outlet, the following were the allegations that Buda accused of:

  • Anti-competetive behaviour of all the banks.
  • Abuse of their collective dominance position.
  • Indulging in an abusive exploitation that excludes their dominant position.
  • Restricting competition in the affected markets.
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