Chilean cryptocurrency exchange "blocked" by banks, calls for clear and transparent regulatory policies

Two Chilean exchanges BUDA and Crypto MKT have called on the country's banking association (Asociación de Bancos e Instituciones Financieras or ABIF) to provide a clear stance on cryptocurrencies as local banks close their cryptocurrency trading accounts.

Currently, Chilean cryptocurrency exchanges are fighting for the right to open accounts with local banks in order to better serve their customers. The exchanges BUDA and Crypto MKT said they were told by local bank officials that they had been instructed not to open accounts for anyone related to cryptocurrencies.

The two exchanges have issued a joint public statement, which states:

“Lack of industry knowledge and lack of clear regulation has led some banks to be terrified of cryptocurrencies and have adopted some misguided strategies of refusing to provide services to anyone connected with digital assets. In Chile, regulation is in the hands of a few, but They opted for a blanket ban on cryptocurrency businesses.”

Additionally, the two exchanges called on the Chilean Banking Association to take a more transparent stance, reminding the public and authorities that the cryptocurrency issue needs to be addressed as soon as possible before it is “too late.”

To demonstrate compliance to banks, the exchanges BUDA and Crypto MKT emphasized that they have developed “the most secure trading platforms” using the latest technology, as well as channels to cooperate with regulators. Not only that, they also stated that they have registered with the Chilean Ministry of Finance and complied with regulatory requirements such as anti-money laundering and anti-terrorist financing.