Chilean Exchanges Seek Clear Regulations On Crypto After Banks Denied Them Services

Two cryptocurrency exchanges BUDA and Crypto MKT, which operate in Chile and some other Latin American countries, have recently asked the Chilean Association of Banks (ABIF) to clarify its stance on cryptocurrencies and cryptocurrency trading after the firms’ corporate accounts were closed by a number of Chilean banks, local news outlet PULSO reported March 25.

In its public statement dubbed “Chile Can Make A Fool Of Itself Or Stand Out Worldwide”, BUDA and Crypto MKT ask ABIF to provide a transparent stance on cryptocurrencies, claiming that banks have been shutting down crypto exchanges’ accounts on instructions to “not open an account for anyone [related] to cryptocurrencies.”

In the statement, both firms accused the financial institutions of “[a] lack of knowledge” of how the technology works. Тhe joint statement states:

“Due to the lack of knowledge and clarity some banks, out of fear, lack of information, or even poor strategy, are refusing or not offering services to people who are in the cryptocurrency market.”