Conflict flares up in Chile between crypto exchanges and commercial banks – Cryptonium News

Conflict flares up in Chile between crypto exchanges and commercial banks

Chilean virtual currency exchanges have filed a lawsuit against regulators, accusing private banks of collusion and bias against participants in the virtual currency industry.

In a joint statement, leading Chilean trading platforms Buda. com, CryptoMKT and OrionX describe the escalating case between bankers and cryptocurrency exchanges, filed with the Court for the Defense of Freedom of Liability (TDLC).

The key premise of the case is set forth as the biased attitude of banking sector advocates toward all members of the digital industry. For example, market participants are outraged that most Chilean banks are closing or refusing to open checking accounts for virtual currency companies because the transactions are risky.

According to the statement, the restrictions do not apply to other targets of the state’s financial market, such as companies dealing in jewelry, watches, cars, works of art, and antiques (i.e., “assets that are widely recognized as a potential means of laundering criminal proceeds. ” ). As a result, members of the cryptocurrency community suspect that bankers are complicit.

The TDLC said by phone that “the banks are engaged in a single political act, as evidenced by the precedent of 79% of members of the domestic virtual currency market having their accounts closed and refused to open over the past three months.”

Banco de Crédito e Inversiones (BCI), which launched a special “secure and trusted environment” protocol, remains the only financial institution where virtual currency companies have every opportunity to disclose their checking accounts without restriction, Chilean media reported. All totals could not be loaded.

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