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"Chilean Crypto Exchange Drama"

Updated: Feb 15, 2022

A few weeks ago, Chilean cryptocurrency exchanges received an unpleasant surprise when three Chilean banks announced they were looking into closing accounts of clients that were linked to cryptocurrency. The banks are Scotiabank, Itau, and BCI; the first two banks closed down two accounts of well-known exchanges in the country, CryptoMKT and

Both exchanges affected were interviewed by the radio station BioBio Chile. They both agreed that these banks are acting together in this decision to team up against cryptocurrencies. You can check the full interview at the following link: Two Banks Against Cryptocurrencies.

CryptoMKT and were only left with one account each in Banco Estado, “The Bank of all Chileans” as their slogan says. Well, it’s for every Chilean except for those who have cryptocurrency; this past weekend the accounts were closed "temporarily." It makes me wonder, why? Why all of a sudden? Why at the same time? Weird, right? Or maybe it´s not weird at all and it´s just the threat or reaction to the unknown.

According to BioBio Chile, the general manager of told the media, concerning the bank situation, that "the reasons are not given because they are not clear." He explained that what they ask is to please create a negotiating table among those involved. He added, "I understand that there are many people making scams, that there are people taking advantage of this. However, we have to separate the chaff from the wheat; otherwise, we'll be paying for the sins of others and we are going to drown a technology that could bring many benefits to the country." You can read his statements at the following link: Two Banks Against Cryptocurrencies.

It´s a big drama for these exchange companies since the support they were receiving from banks will no longer be there. This will make it complicated for Chileans to cash out their crypto to Chilean pesos. The exchange companies will still exist, but it will be harder to work with Chilean pesos.

Banks are putting up a fight against cryptocurrencies, but it won’t stop them from working. It will just make it harder for people to cash their crypto, but not impossible...

It must be overly frustrating to have to prove to everyone that your business is not a scam. CryptoMKT stated, "We seek to show that our business is legitimate, that it meets legal compliance standards." - BioBio Chile.

Hope you enjoyed it! Feel free to comment.

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