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Chile: Regulator orders banks to keep Crypto accounts

By  |  January 6, 2019

Following the ruling by Chile’s supreme court that a bank can legally close accounts of a crypto exchange, the country’s Court of Defense of Free Competition (TDLC) reaffirmed that banks must reopen crypto exchanges’ accounts. The Chilean antitrust court continues to hear the case alleging that banks exploit their dominant position to keep crypto exchanges off the market.

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    Martín Jofré, the CEO of crypto exchange Criptomkt, commented after the ruling, “For us, it is a success since we need bank accounts to operate in the market. In any case, we always rely on Chilean institutions, especially on the TDLC for its role as defender of free competition.”

    Cryptocurrency exchanges filed a lawsuit with the TDLC against 10 major banks in Chile last year, accusing them of abusing their dominant position after they unilaterally decided to close their accounts. The TDLC then ordered banks to reopen accounts of the exchanges for the duration of the trial.

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