Chilean court flips last ruling, now banks must keep crypto exchange accounts open

04 Jan, 2019
by David Borman
Regulation
Chilean court flips last ruling, now banks must keep crypto exchange accounts open

Despite a previous ruling that sided with the big banks of Chile, now Cointelegraph is reporting that the nation's anti-monopoly court has switched the ruling in favor of the cryptocurrency exchanges who have accounts with the nations banks, saying that for now at least, the accounts must remain open.

It all began earlier last year when OrionX, BUDA and CryptoMarket (CryptoMKT) all appealed the closure of their accounts by banks Banco del Estado and Itau Corpbanca. Initially their appeal was entertained, but after some back and forth, in December the Chilean anti-monopoly court, Tribunal de Defensa de la Libre Competencia (TDLC), ruled that the banks had no legal obligation to provide accounts to the exchanges.

Now the TDLC is turning that over. BUDA recently released a statement saying that after taking a poll, most members opted to keep the exchange accounts open.

The story isn't over, as there are more hearings scheduled for February, but this seems like at least a temporary victory for the crypto world. As ever, stay right here with Chepicap for any and all updates!

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