Chile: Cryptocurrencies attack banks through TDLC suit

Two of Chile’s main cryptocurrency platforms, Crypto Market and Buda.com, have made public their decision to go before the Tribunal for the Defense of Free Competition (TDLC) in their ongoing confrontation against the country’s mainstream banks.

“We are going to the TDLC to sue all the banks that denied or hindered the opening of current accounts to these companies and to those who, having opened them, closed them. That is the majority of the banks in the market ” Stated the companies’ representative, attorney Mario Bravo.

The argument put forward by the platforms alleges the abuse of collective ownership by banks, limiting the participation of these companies in the financial market, closing or preventing the opening of bank accounts. Both CryptoMKT and Buda.com have already presented appeals and innovation protections to the Court of Appeals of Santiago, with a view to preventing the closure of bank accounts by Scotiabank and Itaú Corpbanca.

However, banks have argued that they have the right to close customer accounts in case the explanation behind their funds and movements does not satisfy their criteria.

For Bravo, this represents an abuse of collective ownership by banks, emphasizing that they have “no authority” to “make justice” in the country. “That’s what the courts of justice, the oversight bodies, the Ministry of Finance and the Central Bank are for.”
Full Content: Cripto Noticias

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.