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Chile: Banks respond to cryptocurrency suit before TDLC

By  |  July 17, 2018

Major banks Santander, Banco de Chile, Bci, Scotiabank and Itaú have responded to the lawsuits filed by Buda.com and CriptoMKT, after both cryptocurrency operators filed actions over the large financial institutions’ alleged abuse of dominance.

Santander has said they do not consider the use of a current account as an essential service for the cryptocurrency operators, thus rejecting one of the plaintiff’s main objections. For its part, Banco de Chile noted the absence of specific information that would allow the institution to carry out its activities in money laundering prevention as a cause of its restrictions.

On the other hand, Bci ruled out that there had been an abuse of dominance, because “it is a practically decentralized market, with a large number of players…”

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