Antitrust Tribunal rules against banks in criptocurrency lawsuit
4 enero 2019

On January 2nd, the Antitrust Tribunal rejected a request from a group of banks to rescind a precautionary measure forcing banks to keep open accounts belonging to cryptocurrency platforms. In February, the Tribunal will hold several hearings to gather information from witnesses and experts.

 

The request was made after a Supreme Court ruling in early December confirming that the decision of BancoEstado to close an account belonging to cryptocurrency broker Orionx was  legal. In the ruling, the Court argued that this action is a tool that banks can use at their discretion. However, the Antitrust Tribunal considered in its recent decision that the Supreme Court’s ruling does not constitute a new precedent that should impinge on the resolution – i.e. that banks must reopen accounts that had been closed at the beginning of 2018.

 

Witnesses called to testify before the Antitrust Tribunal in February include Finance Minister Felipe Larraín and Economy Minister José Ramón Valente, Financial Market Commission Chairman Joaquín Cortez and President of the Bank Association Segismundo Schulin-Zeuthen.

 

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