Chile anti-monopoly court switches the ruling in favor of the crypto exchanges

In spite of a preceding presiding that sided with the huge banks of Chile, at present as reported in Cointelegraph is reporting that the nation’s anti-monopoly court has switched the ruling in favor of the cryptocurrency exchanges who have accounts with the nation’s banks, saying that for now at least, the accounts must remain open. It all began earlier last year when OrionX, BUDA and CryptoMarket (CryptoMKT) all appealed the closure of their accounts by banks Banco del Estado and Itau Corpbanca. Initially their appeal was entertained, but after some back and forth, in December the Chilean anti-monopoly court, Tribunal de Defensa de la Libre Competencia (TDLC), ruled that the banks had no legal obligation to provide accounts to the exchanges.

Now the TDLC is turning that over. BUDA recently released a statement saying that after taking a poll, most members opted to keep the exchange accounts open. According to a recent statement from Buda.com — one of the crypto exchanges affected by previously upheld banking restrictions — the anit-monopoly court known as the Tribunal de Defensa de la Libre Competencia (TDLC) has held a poll, and most of its members voted in favor of the crypto firms.

The next few hearings is planned for February 2018, once the TDLC can hear the testimony of each parties. The hearings are attended by Chilean prime officers, as well as the country’s Minister of Finance, Felipe Larrain, Minister of Economy, Jose Ramon Valente, and also the president of the country’s banks association, Segismundo Schulin-Zeuthen.

The TDLC has knowledgeable a previous call taken by the Chilean Supreme Court in early December. The country’s prime court then insisted that banks had legal rights to not offer services to crypto exchanges, as they’re not regulated by Chilean law and may be related to concealment.

As a significance, Itau Corpbanca as well as Banco del Estado the banks looking for to shut crypto-related accounts appealed to the anti-monopoly court, influencing it to cancel protection events. However, in its current resolution, the TDLC handled that the Supreme Court’s ruling do not create a judicial example to elevate any of the earlier resolutions.

As Cointelegraph antecedently stated that in 2017 March cryptocurrency exchanges CryptoMKT, Buda.com and OrionX claimed that their bank accounts were frozen by many Chilean banks. TDLC before long granted them protection, and also the country’s Minister of Finance secure to return up with relevant crypto regulation as before long as potential. In December, Larrain claimed that the legal framework for crypto continues to be ongoing.

In conjointly claimed that cryptocurrencies “have no physical manifestation and no intrinsic price.” The document states that they’re controlled neither by government nor by an organization, citing the characteristics as reasons for belongings banks refuse services to the exchange. The court call explains that the character of cryptocurrencies prevents banks from receiving elaborate info on transactions, customers and firms that act with the assets. Not only this, the supreme court elevated the query of the illegal use of cryptocurrencies, demanding that cryptocurrency was complicated in AML and violence bankrolling. Given all these thoughts, the bank’s conclusion of Orionx’s accounts was felt as permissible.