Home cryptocurency Chile Banks in battle with Cryptocurrency Exchange

Chile Banks in battle with Cryptocurrency Exchange

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An appeal court of Chile has finally ruled in favor of one cryptocurrency exchange against one of the largest banks in the country. After dispute between banks and cryptocurrency exchanges in Chile.

A CryptoCurrency exchange Orionx, saw the favour of the Fourth Chamber of the Court of Appeals of Santiago. The court orders the only government-owned bank in Chile to reopen the exchange’s account.

The court decided that the bank’s action constitutes “an arbitrary and illegal action, which constitutes a deprivation of the right protected by Article 19 No. 2 of the Political Constitution of the Republic, that is, the right to equality before the law,” La Tercera quoted the ruling.

By closing the exchange’s account, the bank is preventing Orionx “from developing an activity that, although not regulated, does not prevent the bank from adopting less intensive security measures such as the development of effective monitoring and control programs before the final closure of the account,” Emol news outlet cited the ruling. The publication elaborated:

The document refers to breaches of contract and the impossibility of Banco Estado to determine that Orionx engages in money laundering with the currencies with which it operates.

The court however admitted that while there might be risks associated with crypto transactions, the court explained that businesses using them “as new forms of investment and payment…cannot necessarily be identified with the commission of criminal acts.”

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