"They kill the whole industry" - Chilean banks close the accounts of сryptocurrency exchanges

“They kill the whole industry” – Chilean banks close the accounts of сryptocurrency exchanges


The Buda, Orionx and CryptoMarket exchanges sent their appeals to the Chile Court of Appeal after their accounts with the banks of Itau Corpbanca, the Bank of Nova Scotia and the state Banco del Estado de Chile were closed without any warning. The Court of Appeal agreed to consider the appeals of trading platforms.

As reported by Bloomberg, Chilean users of cryptocurrency are concerned about this development and fear that the government can declare trade in cryptocurrencies and ICO outlaw. The accounts of exchanges of cryptocurrencies were closed at the request of the government or not, it is not known.

Guillermo Torrealba, founder and CEO of the Buda exchange, said that the latest trends look particularly unfavorable.

“They kill the whole industry. In Chile, it will be impossible to buy or sell a cryptocurrency in a safe place. We will return 5 years ago and trade with each other. All this is some kind of arbitrariness,” he said.

CEO Itau Corpbanca Milton Malachi in late March, said that cryptocurrency industry needs to strengthen the regulation, while adding that his bank supports emerging technologies.

None of the three mentioned banks gave an official comment on the closure of the accounts of the stock exchanges. Bloomberg notes that local media reports that the decision could have come from the Chilean government. On April 5, the Chilean Financial Stability Board spoke negatively about the cryptocurrency, pointing to an increased risk for investors. The authorities also did not comment on what was happening. In particular, the Ministry of Finance did not respond to the request by e-mail.

“I hope the Court of Appeal will see that we are right,” Torrealba said.

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