{"id":107261,"date":"2021-01-05T12:17:59","date_gmt":"2021-01-05T12:17:59","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107261"},"modified":"2021-01-05T12:17:59","modified_gmt":"2021-01-05T12:17:59","slug":"chilean-court-orders-banks-to-serve-crypto-exchange-buda","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/chilean-court-orders-banks-to-serve-crypto-exchange-buda\/","title":{"rendered":"Chilean Court Orders Banks to Serve Crypto Exchange Buda"},"content":{"rendered":"

Chile\u2019s Free Competition Defense Court (TDLC) has ordered two major banks, Banco Ita\u00fa and BancoEstado, to facilitate current account services to local cryptocurrency exchange, Buda.com.<\/span><\/p>\n

As reported by\u00a0<\/span>Diario Financiero<\/span><\/em>, the court sided with the exchange as the banks failed to present enough evidence to link Buda\u2019s business with a Ponzi scheme.<\/span><\/p>\n

\u201cThe bank has not been able to present sufficient information to dismiss the serious presumption of acts that threaten free competition that the Court determined to grant the precautionary measure in favor of Buda.com,\u201d Buda\u2019s Chief Legal Officer, Samuel Ca\u00f1as, told the local media.<\/span><\/p>\n

Banks against Crypto Exchanges<\/span><\/h2>\n

Both Banco Ita\u00fa and BancoEstado closed the accounts maintained by the crypto exchange in 2018 during an investigation against Terra Finance, an investment company that scammed people.<\/span><\/p>\n

The axe was dropped on the crypto exchanges when four victims of the scam said that they were customers of the cryptocurrency exchange. They lost 100 million Chilean pesos (around $200,000) in the Ponzi scheme. The banks then alleged that Buda did not do anything to stop such frauds and, in turn, cut their ties with it.<\/span><\/p>\n

\u201cBuda is indirectly allowing the use of Ita\u00fa\u2019s systems by other cryptocurrency exchanges, of recognized risk, without being able to do anything about it,\u201d the banks alleged earlier.<\/span><\/p>\n

However, the court did not find the evidence presented to establish the connection between Buda and the fraudulent scheme. Furthermore, Buda\u2019s CEO pointed out that the legal battle is still not over.<\/span><\/p>\n

\u201cThe new information presented does not undermine the serious presumption of the right that is claimed or of the facts denounced in the lawsuit,\u201d the court said.<\/span><\/p>\n

The Chilean banks were always hostile towards crypto, and many of them denied services to several exchanges in 2018, which forced them to go to court. Though the TDLC\u00a0favored the exchanges earlier, the two banks again moved against Buda.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chile\u2019s Free Competition Defense Court (TDLC) has<\/p>\n","protected":false},"author":3,"featured_media":107260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChilean Court Orders Banks to Serve Crypto Exchange Buda - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/chilean-court-orders-banks-to-serve-crypto-exchange-buda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chilean Court Orders Banks to Serve Crypto Exchange Buda - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Chile\u2019s Free Competition Defense Court (TDLC) has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/chilean-court-orders-banks-to-serve-crypto-exchange-buda\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-05T12:17:59+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotoWebp.net-resizeimage-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/chilean-court-orders-banks-to-serve-crypto-exchange-buda\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/chilean-court-orders-banks-to-serve-crypto-exchange-buda\/\",\"name\":\"Chilean Court Orders Banks to Serve Crypto Exchange Buda - 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