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Chile Cryptocurrency Exchanges Fight for Right to Open Bank Accounts



Chilean cryptocurrency exchanges are taking it upon themselves to battle for their right to open a bank account in the country to serve clients who are making the move over from fiat.

BUDA and Crypto MKT have lamented the closing of their local banking accounts and said that a bank representative has told them that they were given a mandate to “not open an account for anyone that has relation to cryptocurrencies.“

The two companies made a joint public statement saying:

“The lack of knowledge and regulatory clarity has given rise to the fact that some banks, out of fear, misinformation or perhaps by strategy, are refusing to provide their services to anyone who has any relationship with any digital asset.”

They also added that “in Chile the regulation is in the hands of a few, who are acting as de facto regulators and are opting to prohibit.”

BUDA and Crypto MKT has made an appeal to the ABIF to “make its position transparent” and to clearly define whether companies connected to cryptocurrencies would have access to banking services, or if the banks “are determined to prevent the existence” of the emerging industry.

The exchanges also called for both the authorities and the public to pay attention to the issue, “before it’s too late.”

To showcase how they are not a potential legal impediment to the banks, the two exchanges stressed that they “have developed safe platforms of the latest technology for the protection of their customers and have opened channels of collaboration with authorities”, in addition to letting the public know the characteristics, advantages and risks of trading these type of assets.

Both firms, they assert, pay taxes, are registered with the Chilean financial authorities, and conform to standard prevention of money laundering and anti-terrorist financing guidelines.

Banks keeping exchanges from opening accounts is an issue in many countries around the world, but legal victories are conceivable. Last month, the Supreme Court of Israel released a temporary injunction order forbidding the country’s Bank Leumi from halting the account activity of the Bits of Gold bitcoin exchange.

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