Crypto Exchanges in Chile Denounce Banks For Denying Them Services

Chile’s national banking association (Asosacion de Bancos e Instituciones Financieras or ABIF) have recently been called out and challenged to release a firm and clear stand regarding the new industry by two cryptocurrency exchanges. The two companies did this after several banks in the country had their accounts shut down due to the fact that they deal with cryptocurrencies.
BUDA and Crypto MKT have recently condemned the shutdown of their local bank accounts and had said that a bank representative once told them that they were given specific instructions to “not open an account for anyone that has relation to cryptocurrencies.” Because of this, Chilean cryptocurrency exchanges are currently in a battle for the right to open bank accounts in the country for them to able to cater to clients who have crossed over from fiat.
In a joint public statement from the two companies, they demanded ABIF to “make its position transparent” and to state whether companies connected to cryptocurrencies will be granted access to banking services in the country or not. In addition to this, they also called the attention of both authorities and the masses to participate and pay attention to the issue.
To prove that they will not pose as possible legal risks to the banks, both companies emphasized the safety of their platforms which are derived from the latest technology in order to provide protection for their customers. They also stressed that both companies pay taxes, are registered with the essential Chilean financial institutions and both follow the standard guidelines for prevention of money laundering and anti-terrorist financing.

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