trending Market Intelligence /marketintelligence/en/news-insights/trending/jaw6tk72cl9tu95q_ndqow2 content esgSubNav
In This List

BancoEstado reopens cryptocurrency trading platform's account after court order

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


BancoEstado reopens cryptocurrency trading platform's account after court order

Banco del Estado de Chile has reopened the account of cryptocurrency trading platform CryptoMKT and is also in talks with Buda, another cryptocurrency trader, to reopen its account as well, Pulso reported.

The move comes after state-run BancoEstado and other Chilean banks were ordered to reopen the shuttered accounts by antitrust court TDLC.

Scotiabank Chile and Itaú CorpBanca, which also closed the accounts of the cryptocurrency platforms earlier in 2017, were also ordered to reopen them, but it is unclear if they will follow BancoEstado's lead as they have appealed the TDLC's decision, according to the report.

In closing the accounts, the banks cited the need for cryptocurrency trading firms to be subjected to clear regulations. Banco Santander Chile has also said it will not do business with cryptocurrency firms, adding that that the banking sector must know the destiny of funds and investments that go through it.

Both Buda and CryptoMKT filed lawsuits against a number of banks for closing their accounts, and have also asked financial industry association ABIF to clarify its position on cryptocurrency traders.

Chile's finance ministry, meanwhile, is studying the regulation of cryptocurrencies amid the dispute between traders and banks.