A PYMNTS Company

Chile: Banks respond to cryptocurrency suit before TDLC

By  |  July 17, 2018

Major banks Santander, Banco de Chile, Bci, Scotiabank and Itaú have responded to the lawsuits filed by Buda.com and CriptoMKT, after both cryptocurrency operators filed actions over the large financial institutions’ alleged abuse of dominance.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Santander has said they do not consider the use of a current account as an essential service for the cryptocurrency operators, thus rejecting one of the plaintiff’s main objections. For its part, Banco de Chile noted the absence of specific information that would allow the institution to carry out its activities in money laundering prevention as a cause of its restrictions.

    On the other hand, Bci ruled out that there had been an abuse of dominance, because “it is a practically decentralized market, with a large number of players…”

    Full Content: DF

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.