Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Six Major Banks in Chile Sued by Another Cryptocurrency Exchange

Geplaatst op juni 8, 2018 door Blockchain News

Six Major Banks in Chile Sued by Another Cryptocurrency Exchange

A local cryptocurrency exchange in Chile has reportedly filed a lawsuit against six major banks in the country for abusing their power and quashing its crypto payment business. This lawsuit follows another one filed in Chile against ten banks by a different crypto exchange.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Six Banks Sued

Six Major Banks in Chile Sued by Another Cryptocurrency ExchangeChilean cryptocurrency exchange Orionx filed a lawsuit with the country’s Court for the Defense of Free Competition (TDLC) against six major banks in the country last week, according to Diario Financiero. The six banks are Bancoestado, Banco de Chile, Banco Bice, Itaú Corpbanca, Santander, and Scotiabank.

The lawyer representing Orionx, Pablo Tromben of Tromben Abogados legal services, was quoted by the publication:

The demand before the TDLC is based on the fact that the defendant banks, abusing a dominant position and with sufficient market power, excluded Orionx from the market of digital payments that was achieved through the refusal of sale and exclusive practices.

Six Major Banks in Chile Sued by Another Cryptocurrency ExchangeHe noted that the six banks control 77.1% of Transbank, the main operator of digital payment systems in the South American country.

The lawsuit includes the financial entities that declined to sign a contract with the exchange or hindered the management of its new bank accounts. The company interprets these actions as an attempt to impede free competition.

Banks Closed Crypto Exchange Accounts

Six Major Banks in Chile Sued by Another Cryptocurrency ExchangeIn March, a number of banks in Chile closed the accounts of Orionx as well as two other crypto exchanges: Buda.com and Cryptomkt.

In closing Orionx’s bank account, Bancoestado said it did “not wanting to get involved with transaction operators of cryptocurrencies, because there is no legal framework that regulates them,” Criptonoticias detailed. The company then filed a request with the TDLC, “alleging that Bancoestado failed to comply with the terms established in the contract for this type of procedure,” but it could not prevent the bank from closing its account.

Six Major Banks in Chile Sued by Another Cryptocurrency Exchange“What we experienced these months was terrible, from one day to another, they cut us [off from] the income of the company, and we had only been operating for four months, we were very close to bankruptcy,” CEO and co-founder Roberto Zibert shared.

According to the text of the lawsuit, banks argued that they closed the accounts of crypto exchanges because “it is a smoke screen, an appearance of legality, all to mask or disguise the true objective of their conduct,” which “prevent, restrict or hinder free competition,” the news outlet conveyed.

Joel Vainstein, the exchange’s co-founder, told the publication:

We believe that we have a solid case and that it differs from the rest just because we had an electronic means of payment with customers, called Orionx Pay, which [is] further evidence [of] direct competition in the relevant market.

Buda.com previously sued 10 banks after they closed its accounts. The TDLC then ordered three of them, Bancoestado, Itau, and Scotiabank, to reopen the accounts of the exchange and of Cryptomkt while the lawsuit is pending. Following an appeal by the banks which was rejected by the TDLC, Bancoestado agreed to reopen accounts of the two exchanges but the other two banks plan to further appeal.

What do you think of Orionx suing the six banks? Let us know in the comments section below.


Images courtesy of Shutterstock, Orionx, and Bancoestado.


Need to calculate your bitcoin holdings? Check our tools section.

The post Six Major Banks in Chile Sued by Another Cryptocurrency Exchange appeared first on Bitcoin News.


Source: Bitcoin.com
Original Post: Six Major Banks in Chile Sued by Another Cryptocurrency Exchange

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Crypto fundraising surges to $10B in Q2, highest since early 2022
  • Crypto funds post $1B inflows with net assets breaking new highs
  • Secret Service seizes $400M in crypto, cold wallet among world’s largest
  • Hong Kong prepares third batch of tokenized bonds, eyes more offerings
  • Bitcoin price can hit $150K in weeks thanks to Trump's 'Big Beautiful Bill'

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • juli 2025
  • juni 2025
  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema