The conflict between banks and cryptocurrency exchanges in Chile is still developing, as some banks are reticent to serve this kind of institution. A new report prepared by exchanges reports that most of these banks refuse to include crypto companies as customers for risks that are nevertheless managed in the case of servicing other kinds of customers.

Cryptocurrency Exchanges Still Fighting Banks in Chile

Cryptocurrency exchanges and other crypto-related companies are still fighting private banks for the right to open and manage bank accounts in Chile. The legal fight, which started back in 2018 when a series of exchanges had their bank accounts closed by several banking institutions, will be defined this year before a national free competition court.

Buda.com, a Chilean exchange, prepared a document that concluded that banks are colluding to deny their services to cryptocurrency exchanges for reasons applicable to other businesses, like companies operating with jewelry, watches, vehicles of all kinds, works of art, or antiques.

Regarding these businesses, the document states that they “are universally recognized as a possible means for money laundering – and who, moreover, are regulated by being obligated subjects in comparative law, but not in Chilean law,” and criticizes using money laundering and the lack of clear regulations in crypto as a mere pretext for taking uncompetitive actions.

Explaining the Conflict

The defense of private banks centers around…