Chilean Banks Seek Anti-Monopoly Court To Alter Decision For Country’s Crypto Exchange Protection

Chilean Banks Go To Anti-Monopoly Court To Revoke Decision That Protected Crypto Exchanges In The Country

Banco del Estado e Itau Corpbanca, two of the biggest Chilean banks, have recently gone to the anti-monopoly court of the country in order to revoke a decision that they deemed that would harm them. According to reports from local newspapers, the banks are trying to revoke a decision that was made to prevent the closure of banking accounts of crypto companies.

All began when the Supreme Court of the country has decided in a case that crypto exchanges should not have any special protection from having their accounts shut down. The Chilean crypto exchange OrionX, was the one that started the legal action, but it lost.

OrionX was reunited with CryptoMKT and at the time, all these companies had their accounts shut down by the banks, but they were granted protection from the anti-monopoly court soon afterward and the government promised to regulate cryptos. Unfortunately, this has not happened no far and the banks appealed to the Supreme Court.

Banks rejoiced then, but the previous ruling of the Tribunal de Defensa de la Libre Competencia (TDLC), which stands as the anti-monopoly regulator and court in Chile, still protects the crypto exchanges, even after the ruling from the Supreme Court. Now, the two banks affirm that the anti-monopoly court needs to comply with the Supreme Court.

Provide Banking Services For Crypto Exchanges Could Be Risky, Banks Affirm

The main argument that the banks have right now is that they should not be forced to serve the crypto companies because cryptocurrencies are not regulated in Chile. This creates a big gray area and the banks affirm that they are under certain risks like money laundering because of this.

It is clear that the main issue is the lack of regulation, a problem that was very global and widespread during 2018. However, the government is being slow to fix the issues, which is generating a lot of uncertainty in the market.

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