[2018-04-28] Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts

[limek]

Chile’s anti-monopoly court has ordered two major banks in the country to re-open accounts for a cryptocurrency exchange after it filed a lawsuit against 10 banks accusing them of anti-competitive behavior. The two banks must enter into a new contract with the crypto exchange under the same terms and conditions as before.

Court Rules in Favor of Crypto Exchange

Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) has ordered Banco del Estado de Chile (Bancoestado) and Itau Corpbanca (Itau) to re-open the accounts of a local cryptocurrency exchange, Buda, during the course of its lawsuit against 10 banks, local media reported.

Read more: https://news.bitcoin.com/court-orders-chilean-banks-re-open-crypto-exchange-accounts

[jjacob]

 This is indeed heart warming. The feeling that was given out until now was that the establishment - governments, regulators, banks, courts, were all ganging up against innovation. If a Chilean Bank indeed asks banks to re-open accounts, then it is good news. The banks might still find ways to sabotage this (For Eg - Charge unreasonable fees), but they will know that the exchanges might decide to go to court again.

[Betwrong]

This is indeed heart warming. The feeling that was given out until now was that the establishment - governments, regulators, banks, courts, were all ganging up against innovation. If a Chilean Bank indeed asks banks to re-open accounts, then it is good news. The banks might still find ways to sabotage this (For Eg - Charge unreasonable fees), but they will know that the exchanges might decide to go to court again.

Actually I don't think they can charge whatever fees they want. They must charge exactly the same fees as for other companies for maintaining an account or otherwise the crypto exchage can sue them again. This is indeed a great news for the crypto community in general, especially if the fine mentioned in the article will be imposed on the banks. Next time bankers will think twice before closing an exchange’s account.

[Theb]

These banks are assholes, they don't even have the right to close bank accounts in the first place, even criminals gets to have full access of their accounts.What is wrong here is that they acted upon themselves, normally banks won't even take action on account closures without any government orders. The cryptocurrency exchanges should also be asking for damages as well, what they did obviously damage their businesses. These banks should also be penalized for acting and abusing their powers without the proper authority of their government.

[gentlemand]

Interesting. I wonder if this is something specific to Chilean law, because in most other places a bank account is not a right, it's within their discretion to refuse to do business with anyone they like and there's no need to explain why either. I've never heard of anyone or anything in the UK forcing the reopening of an account through the courts.

What is wrong here is that they acted upon themselves, normally banks won't even take action on account closures without any government orders.

Where I'm at people get shut down all the time with no recourse and no government inspiration. Banks are so paranoid about tripping any money laundering stuff, unless they're the ones doing it, that plenty of people who've done nothing remarkable get the boot.

[Notcalculator]

This is good because it's also an indication that cyptos arent necessarily a threat to the governments but the banks alone. Which means that it is possible to get fair regulations that actually prioritizes the safety of the people rather than the government profit.

This is indeed heart warming. The feeling that was given out until now was that the establishment - governments, regulators, banks, courts, were all ganging up against innovation. If a Chilean Bank indeed asks banks to re-open accounts, then it is good news. The banks might still find ways to sabotage this (For Eg - Charge unreasonable fees), but they will know that the exchanges might decide to go to court again.

You're right though. Having lots of resources means they could endlessly attempt to sabotage them. But it's good that they won this one fight. Hopefully the government maintains its position.

[gabbie2010]

This ruling has vindicated those crypto exchanges against the allegations leveled against them by the banks on the pretext of money laundering or tax avoidance without any proofs to support those claims this has evidently shows the disdainful acts against Cryptos by the banks and tarnishing the images of those exchanges by linking them to those illegality which has been proved otherwise.

[CryptoBry]

I am sure that those banks will not have any reason not to service cryptocurrency related enterprises since the court has already decided for the reinstatement of the account and the resumption of service. This can also be a message to other banks to do the same. Maybe we should also consider into account the fact that some banks are just afraid to do business with those who are into cryptocurrency out of ignorance and out of no clear-cut regulations on the whole matter. The best way to settle everything will always be the court.

[dreamhouse]

lol interesting stories, these banks are bad and worth some lessons.

[1Referee]

lol interesting stories, these banks are bad and worth some lessons.

Banks are bad and only getting worse. It's something that we allowed them to become, which is the sad reality. In most cases people swallow everything these banks come up with because of how they don't have any other viable alternative, but that won't drag on like that for ever. Once people take care of themselves in financial sense, these banks will literally bag for everyone to come back.

They see their customers as a number, and when you're just a regular account holder, you are even less than that since you don't bring in any profits for them. Banks are actually no longer banks, but more allround institutions where they on all fields generate far more profit than their actual banking departments. I am honestly thankful that we are able to use Bitcoin due to the freedom it offers, and it's just a matter of time before even the average joes of this world will realize that.

Overall, and I don't say it very often, justice has been served.

[thefaucetrunner]

This is an interesting to come out of Chile of all places, which has a history of very brutal right-wing dictatorships. Bancoestado is a state-owned enterprise, so for a court to order them to do something suggests that this Chilean court is serious about providing a competitive market. It will be interesting to see if the Chilean government has the will and execution to make it happen or if these are empty words.

[imsotiredofmoviereboots]

That's right. Let us fight for our right. Right to trade cryptocurrencies and never let the tyrants of this world put us back again to where we are. I also hope the file against Ads bans will also succeed just like this.

[CyberiusDigital]

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