Two of Chile’s main cryptocurrency platforms, Crypto Market and Buda.com, have made public their decision to go before the Tribunal for the Defense of Free Competition (TDLC) in their ongoing confrontation against the country’s mainstream banks.
“We are going to the TDLC to sue all the banks that denied or hindered the opening of current accounts to these companies and to those who, having opened them, closed them. That is the majority of the banks in the market ” Stated the companies’ representative, attorney Mario Bravo.
The argument put forward by the platforms alleges the abuse of collective ownership by banks, limiting the participation of these companies in the financial market, closing or preventing the opening of bank accounts. Both CryptoMKT and Buda.com have already presented appeals and innovation protections to the Court of Appeals of Santiago, with a view to preventing the closure of bank accounts by Scotiabank and Itaú Corpbanca.
However, banks have argued that they have the right to close customer accounts in case the explanation behind their funds and movements does not satisfy their criteria.
For Bravo, this represents an abuse of collective ownership by banks, emphasizing that they have “no authority” to “make justice” in the country. “That’s what the courts of justice, the oversight bodies, the Ministry of Finance and the Central Bank are for.”
Full Content: Cripto Noticias
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
CVS Health Explores Potential Breakup Amid Investor Pressure: Report
Oct 3, 2024 by
CPI
DirecTV Acquires Dish TV, Creating 20 Million-Subscriber Powerhouse
Oct 3, 2024 by
CPI
South Korea Fines Kakao Mobility $54.8 Million for Anti-Competitive Practices
Oct 3, 2024 by
CPI
Google Offers Settlement in India’s Antitrust Case Regarding Smart TVs
Oct 3, 2024 by
CPI
Attorney Challenges NCAA’s $2.78 Billion Settlement in Landmark Antitrust Cases
Oct 3, 2024 by
nhoch@pymnts.com
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh