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Cypriot currency exchanges block the banking blockade in the Court of Appeal

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Buda, CryptoMarket (Crypto MKT) and Orionx, Chile's largest cryptocurrency bourses, have recently made appeal to a court of appeal. banking blockade they are currently facing.

As covered by CCN, the cryptocurrency exchanges have recently seen Itau Corpbanca, the Bank of Nova Scotia, and the Banco del Estado State Bank of Chile close their accounts without proper explanation. At the time, Banco Estado revealed that it decided "not to operate with companies that are dedicated to the issue or creation, brokerage, intermediation or serving of platform for so-called cryptocurrency ".

The court of appeal agreed to hear the cryptocurrency exchanges, although their bank accounts remain closed. According to Bloomberg, Chilean financial institutions seem to put in place a general ban on the cryptocurrency industry, a decision that worries crypto enthusiasts.

Guillermo Torrealba, Director General of Buda, reportedly stated:

"They are killing an entire industry, it will not be possible to buy and sell crypto in a safe business in Chile, we will have to go back five years and trade in person. arbitrary. "

While cryptocurrencies were not yet huge in Chile, the market was growing. Buda, the Torrealba company, traded around $ 1 million a day before the banks decided to close their accounts. According to its CEO, the exchange is self-regulated and uses the same standards that the financial industry uses to know its customers. This, he said, includes ongoing checks with local and international authorities.

The Chilean media are now speculating on the general ban on the government, as the Financial Stability Council of Chile, an organization with representatives of the Ministry of Finance, the country's central bank and the regulator of banks, banks and pension funds, issued a warning. on cryptocurrencies on April 5th.

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While most financial institutions have not responded, Itau Corpbanca's CEO, Milton Maluhv, said on March 27 that the bank is supporting start-ups and new technologies, but argued that the company is not the only one in the world. The cryptocurrency industry needed more regulation. according to internal standards to decide on closing the individual accounts. "

Torrealba noted that the court of appeal can help cryptocurrency trading. As stated, Crypto MKT's co-founder, Martin Jofré, said that Banco Estado turned his back on the company, so he had no bank left.

Orionx, on the other hand, revealed that user funds are "fully supported" and that there is "no risk of insolvency." He added that he believes that the bank's movements are "incorrect and anti-competitive". ]

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