Cryptocurrency Exchange CryptoMKT Account Is Reopened

A month ago ETHNews reported that Chile’s appeals court had agreed to hear a case brought by cryptocurrency exchanges CryptoMKT, BUDA, and Orionx, which had their accounts closed by Banco Itaú Chile, Scotiabank Chile, and BancoEstado (Chile’s only public bank), respectively.

Chile’s Tribunal for the Defense of Free Competition (TDLC) requested all three banks to resume the accounts of the crypto companies.

As per the local news outlet La Tercera report CryptoMKT co-founder Martín Jofré acknowledged that BancoEstado resumed an account held by his exchange last Thursday. It is as well anticipated that the bank will resume BUDA’s accounts this week.

The next steps by Scotiabank and Banco Itaú are still uncertain. The two banks are going to appeal the court’s decision, though they have been ordered by TDLC to hold cryptocurrency exchange accounts open while the case is still under consideration.

Jofré complained that 99.8 percent of its platform’s funds were given back when CryptoMKT declared the closing of the account, mainly setting the company back on square one. But he believes that transparency and advertising will make the exchange even more profitable, comparing the situation with Uber:

“It can produce a phenomenon like Uber: the massive use of Uber occurred when taxis blocked the Alameda. That’s when everyone started talking about the application. “