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.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
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.
Earlier this month, Buda (formerly Surbtc) sued 10 banks after they closed the exchange’s accounts, along with the accounts of Orionx and Cryptomkt exchanges. The ten banks named in the suit include Bancoestado, Itau, Santander, Bci, Banco de Chile, Scotiabank, Bice, and Bbva, according to Diario Financiero.
The news outlet elaborated on the court’s Thursday ruling:
[The ruling is] an unprecedented precautionary measure binding Bancoestado and Itau to enter into a new current account contract with the operator [Buda], while the case is proceeding.
Lawsuits Against Banks
Anticompetitive behavior consisting of abuse of their collective dominance position and by engaging in an abusive exploitation that excludes their dominant position…with the purpose or effect of preventing, restricting and hindering competition in the affected markets.
Last month, after a number of Chilean banks shut down their accounts, Buda and Cryptomkt called on the country’s banking association (ABIF – Asociación de Bancos e Instituciones Financieras) to issue a clear position regarding the crypto industry.
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Source: Bitcoin.com