Latin American Governments

Update: Chilean banks required to keep accounts open for crypto exchanges

LatAm List – In March 2018, two Chilean cryptocurrency exchanges, Buda.com and CryptoMKT, had their bank accounts suddenly closed with no explanation. While the banks reopened the accounts shortly thereafter, the cryptocurrency industry remained concerned about the closures, demanding clarification on regulations.

Chile’s Anti-Trust Court (Tribunal de Defensa de la Libre Competencia or TDLC) recently ruled that crypto-exchange accounts must be left open, at least while the trial continues. A similar case recently passed through the Chilean Supreme Court, which banks took as a signal that they could close the accounts again.

The trial will continue, calling forward several witnesses to testify about the validity of cryptocurrency and its regulation in Chile. In the meantime, these startups’ accounts will remain open.

Read more in Diario Financiero.

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