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Chilean Cryptocurrency Exchange Seeking Clear Settlements After Opening Accounts of Banks

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Two Cypriot Cryptocurrency Exchanges, BUDA and Crypto MKT, have recently seen a number of country-owned banks close their accounts for dealing with cryptocurrencies. In response, the companies decided to call on the country's banking association, Asociación de Bancos e Instituciones Financeras (ABIF), to clarify its position on the cryptocurrency industry.

According to the local press office PULSO, the two cryptocurrency stock exchanges issued a public statement in which they ask the regulator to give a clear position, as the banks closed their accounts claiming that they were instructed to "not open account that relates to cryptocurrencies."

The statement further asserts that financial institutions lack knowledge of how cryptocurrencies work and wonder why their accounts have been closed. The declaration reads:

"Lack of knowledge and regulatory clarity have made some banks, out of fear, out of misinformation or perhaps by strategy, refusing to provide their services to anyone connected with a digital asset."

BUDA and Crypto MKT add that it should be determined whether companies related to cryptocurrency should have access to banking services, or whether banks are "determined to foreclose the existence" of these companies. In addition, the two exchanges asked the authorities and the public to pay attention to the issue.

At the very top, the statement states in particular that the industry is "murdered" before being investigated. It notes that BUDA and Crypto MKT respect the rules, as they have developed secure platforms for their users, pay VAT and have opened channels of cooperation with local authorities, while respecting anti-money laundering and anti-money laundering standards. terrorism. practice.

ABIF rejects responsibility

According to the local publication Publimetro, ABIF responded to both exchanges of cryptocurrency, saying that it is not responsible for solving the problem. The regulator stated that "this issue needs to be addressed and resolved in the context of each bank's individual relationship with its customers".

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ABIF added that statements such as those issued by cryptocurrency exchanges are "particularly serious" because they can see people misjudging the role of the association. Martin Jofré, co-founder of Crypto MKT, says that "the association can do a lot" because what is at stake is the role played by banks in deciding which economic activities can and can not be conducted in Chile.

BUDA's managing director, Pablo Chávez, argued that this decision means that banks decide not to operate with cryptocurrency-related companies "arbitrarily and without a solid foundation". with doubts about cryptocurrencies. "

Image from Santiago de Shutterstock.

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