Two exchanges in Chile have asked the country's bank association (Asociación de Bancos e Instituciones Financieras, or ABIF) for help regarding the closure of their bank accounts, calling on the regulator to take a clear position on the issue.
The BUDA and Crypto MKT exchanges were denied services simply because they carry out cryptocurrency-related activities. Representatives of one of the banks said they received instructions not to open accounts for companies related to cryptocurrency.
The exchanges issued a joint public statement: “The lack of criteria and regulatory clarity has resulted in some banks, out of fear, misinformation, or deliberately refusing to provide their services to those involved in any type of digital asset. In Chile, regulation is in the hands of a few who act as de facto regulators and choose to prohibit.”
The companies also called on ABIF to “make its position transparent” and determine whether cryptocurrency-related companies will have access to banking services or whether banks “intend to shut down the fledgling industry.” In addition, the exchanges called on authorities and the public to pay attention to the problem “before it is too late.”
To demonstrate that they do not pose a potential risk to banks, both exchanges emphasized that they have “developed secure platforms based on the latest technologies to protect their customers and have opened channels of cooperation with authorities,” and that they provide information to the public about the characteristics, benefits and risks of trading digital assets. Both companies pay taxes, are registered with the relevant financial regulators, and comply with anti-money laundering and counter-terrorism laws.
Banks' refusal to open accounts for cryptocurrency companies is a problem around the world, but legal victories are possible. Last month, Israel's Supreme Court issued a court order prohibiting Bank Leumi from blocking the accounts of the Bits of Gold bitcoin exchange.
According to https://news.bitcoin.com
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