Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them Services
Two cryptocurrency exchanges from Chile have called on the country's baking association (Asociaciуn de Bancos e Instituciones Financieras or ABIF) to issue a clear position regarding the new industry. The companies took this step after a number of Chilean banks reportedly shut down their accounts just for dealing with cryptocurrencies.
Banks Taking the Law Into Their Own Hands
The two companies made a joint public statement warning that: "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.” Adding 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 called on ABIF to "make its position transparent” and to define whether companies linked to cryptocurrencies will have access to banking services, or if the banks "are determined to prevent the existence” of the young industry. In addition, the exchanges called for both the authorities and the public to pay attention to the issue, "before it’s too late.”
Exchanges Play By the Rules
Banks preventing exchanges from opening accounts is a problem in many places around the world, but legal victories are possible. Last month the Supreme Court of Israel issued a temporary injunction order forbidding the country's Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange.
Images courtesy of Shutterstock.
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