Chilean Banco Estado Forced To Reopen The Custody Account Of The Orionx Crypto Exchange

The Chilean Court of Appeal has spoken out in favor of the Orionx crypto exchange and asked the state bank Banco Estado to reopen the previously closed custody account of the trading platform, as the local news service La Tercera reported on July 12th.

Chilean court favored the Orionix crypto exchange platform in the dispute against Banco Estado

The Fourth Chamber of the Santiago Court of Appeal has thus accepted Orionx’s appeal against Banco Estado, which closed the exchange platform’s deposit account at the end of March. At that time, the bank had referred to a lack of “regulatory approvals for trading in cryptocurrencies” as justification for its decision.

Banco Estado has now been ordered by the Court of Appeal to reopen Orionx crypto exchange platform account. The Court described the Bank’s original decision as “an arbitrary and illegal act which constitutes a deprivation of the right protected by Article 19(2) of the political constitution of the Republic, i.e., the right to equality before the law.”

This year, the Chilean court also ruled in favor of another cryptocurrency trading platform

At the end of April this year, the Chilean antimonopoly court ruled in favor of a crypto exchange platform and decided that the banks Banco del Estado de Chile and Itau Corpbanca must reopen the previously closed accounts of the Buda crypto exchange.

In addition, Mario Marcel, President of the Chilean Central Bank, announced in May that the institution was considering the development of a regulatory framework for cryptocurrencies in order to manage better the risks associated with crypto trading.

These decisions prove the increasing affinity the Chileans have for the cryptocurrencies and crypto exchange platforms.

In short, a few days ago, the Chilean Court of Appeal ruled the Banco Estado to reopen the previously closed custody account of the Orionx crypto exchange platform.

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About the Author: Anna Galvez

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