Cryptocurrency Exchanges at Chile Call Out Banks for Denying Them Services
Cryptocurrency Exchanges at Chile Call out Banks for Denying Them Services
To showcase the way they are not a possible legal risk to the banks, the two exchanges highlighted that they “have developed protected systems of the most recent technologies for the protection of the customers and have opened channels of cooperation with government”, as well as explaining to the public the features, benefits and hazards of trading these kind of assets. Both firms, they add, pay taxes, and are registered with the applicable Chilean financial government, and follow standard prevention of money laundering and anti-terrorist financing guidelines.
Banks preventing exchanges from opening accounts is an issue 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 action of the Bits of Gold bitcoin trade.
Also Read: Misleading Cryptocurrency “Partnership” Announcements Are Becoming Ridiculous
Two cryptocurrency exchanges from Chile have called on the country’s baking institution (Asociación de Bancos e Instituciones Financieras or even ABIF) to issue a very clear position regarding the new industry. The companies took this step after several Chilean banks reportedly closed down their account just for coping with cryptocurrencies.
Exchanges Play By the Rules
Released at Mon, 26 Mar 2018 16:50:09 +0000
How can exchanges in Chile bypass the banking system and continue to be able for fiat transports from new clients? Share your ideas in the comments section below!
Midsize cryptocurrency trades are fighting for their right to start a bank account in the nation so as to serve clients who are switching from fiat. BUDA and Crypto MKT have condemned the closing of the regional banking accounts and stated that a banking representative advised them they had directions to ” to open an account for anybody that has relation to cryptocurrencies “.
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BUDA and Crypto MKT called on ABIF to “create its position transparent” and to define if companies linked to cryptocurrencies will have access to banking services, or in the event the banks “are determined to avoid the presence” of the youthful industry. In addition, the exchanges called for both the government and the public to look closely at the issue, “before it’s too late.”
Both companies made a joint public announcement warning: “The lack of understanding and regulatory beliefs has given rise to the simple fact that a few banks, out of fear, misinformation or perhaps by approach, are not unable to provide their services to anybody who has any relationship with any electronic advantage.” Adding that “at Chile that the law is at the hands of some, who are acting as de facto authorities and therefore are choosing to prohibit.”
Cryptocurrency Exchanges at Chile Call Out Banks for Denying Them Services - August 2020
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