Cryptocurrency Exchanges in Chile Against Banking

The cryptocurrency exchanges BUDA, Orionx, and CryptoMarket (CryptoMKT) in Chile have recently applied to an appeals court to struggle the banks that shut down their platforms, according to the Bloomberg report. The court is ready to hear the case, but bank accounts still not available.

The local news reported, that the banks Itau Corpbanca and Scotiabank announced the closure of the bank accounts of BUDA and CryptoMKT on March 19. After a week, the local bank Estado de Chile followed the action by confirming the closure of the accounts of all three digital exchanges.

The crypto-community in the country supports the industry and retain the ability for citizens to buy and trade cryptocurrencies like Bitcoin (BTC), as well as local coins Chaucha and Luka. Hernán Maureira, a twitter user condemned the banks’ actions towards the crypto industry, claiming that “while the world is running hand in hand with this technology, Chile takes a step back.”

The co-founder of BUDA Guillermo Torrealba points that the banks’ decision to close accounts is “killing the entire industry”. Bloomberg informed, that BUDA exchange traded around $1 mln daily before its bank account was closed. Torrealba continued:

“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.”

BUDA and CryptoMKT published a statement on March 27, suggesting the Chilean Association of Banks (ABIF) to figure out its stance on cryptocurrencies and cryptocurrency trading. The institution said it isn’t responsible for resolving the problem between banks and crypto exchanges, stating that such regulations are the “exclusive competence of each institution.”

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