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Court in Chile to Keep Crypto Exchanges’ Bank Accounts Open

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The Chilean anti-monopoly court has once again given protection to local cryptocurrency exchanges by pushing banks to keep their accounts open, according to a report from Diario Financiero.

According to a recent statement from Buda.com — one of the crypto exchanges impacted by previously upheld banking prohibitions — the anti-monopoly court called the Tribunal de Defensa de la Libre Competencia (TDLC) held a poll and voted in favor of the crypto companies.

The next hearings are slated for February, when the TDLC would listen to the testimony of both sides. The hearings would be graced by Chilean top brass, which include the country’s Minister of Finance, Felipe Larrain, Minister of Economy, Jose Ramon Valente, and the president of the country’s banks association, Segismundo Schulin-Zeuthen.

The TDLC has answered to an initial ruling by the Chilean Supreme Court in early December. The country’s top court then argued that banks possessed legal rights not to deliver services to crypto exchanges, as they are not regulated by Chilean law and might be linked to money laundering.

As a result, Banco del Estado and Itau Corpbanca — the banks looking to close crypto-related accounts — appealed to the anti-monopoly court, pushing it to cancel protection methods. However, in its existing resolution, the TDLC explained that the Supreme Court’s decision does not make a judicial precedent to lift any of the initial rulings.

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