Chilean Cryptocurrency Exchanges Have Their Bank Accounts Back

A month-long battle for bank account access has finally ended with Chilean cryptocurrency exchanges emerging victorious.

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In April, we reported that Chilean cryptocurrency exchanges were fighting back against banks in the country for their right to have bank accounts. The exchanges complained to an appeals court against the Banco del Estado de Chile, Bank of Nova Scotia, and Itau Corpbanca—three major banks in Chile—for closing their bank accounts with no explanation.

Exchanges BUDA and CryptoMKT can now have their bank accounts bank as a court order was issued demanding the reopening of their current accounts. Banco del Estado de Chile has already made arrangements to open CryptoMKT’s account. The exchange is set to resume operations soon.

Itau and the Bank of Nova Scotia had appealed the decision following the court order but had their appeals rejected by the court. The banks are required to reopen the bank accounts while the case is pending.

Martin Jofré, the founding partner of CryptoMKT, said that they had already returned the funds to their clients upon the banks’ announcement of account closure. The crypto exchange would have to “start from scratch,” as he put it.

For BUDA, it is not yet clear when their bank account will be reopened.

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