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Chile’s anti-monopoly court orders banks to re-open Buda’s accounts

Major Chilean cryptocurrency exchange Buda has persuaded a court to order the re-opening of its accounts at two major Chilean banks.

Chile’s anti-monopoly court ordered state bank Banco del Estado de Chile and Itau Corpbanca to re-open Buda’s accounts while the exchange’s lawsuit continues against 10 banks, including Banco del Estado de Chile and Itau Corpbanca. Buda filed a lawsuit against the banks after closing of its accounts.

Earlier this month, a group of Chile’s exchanges filed legal action against the banks’ decision to close their accounts. Buda, Orionx, and CrytpoMarket say that the banking system has taken unilateral action in Chile that’s «killing the entire industry».

Buda CEO Guillermo Torrealba said that there are no laws, rulings, or legislation that prevent crypto companies from operating normally, rather the banking sector has taken on the role of a main regulator.

«There hasn’t been one regulator, legislator or government official saying that cryptocurrencies aren’t legal, it was just the decision of a very powerful sector of the economy: the banking industry», – he said.

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