Chilean Court Orders Banks to Serve Crypto Exchange Buda
- The banks alleged the exchange’s ties with a Ponzi scheme.

Chile’s Free Competition Defense Court (TDLC) has ordered two major banks, Banco Itaú and BancoEstado, to facilitate current account services to local cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, Buda.com.
“The bank has not been able to present sufficient information to dismiss the serious presumption of acts that threaten free competition that the Court determined to grant the precautionary measure in favor of Buda.com,” Buda’s Chief Legal Officer, Samuel Cañas, told the local media.
Banks against Crypto Exchanges
Both Banco Itaú and BancoEstado closed the accounts maintained by the crypto exchange in 2018 during an investigation against Terra Finance, an investment company that scammed people.
The axe was dropped on the crypto exchanges when four victims of the scam said that they were customers of the cryptocurrency exchange. They lost 100 million Chilean pesos (around $200,000) in the Ponzi scheme. The banks then alleged that Buda did not do anything to stop such frauds and, in turn, cut their ties with it.
“Buda is indirectly allowing the use of Itaú’s systems by other cryptocurrency exchanges, of recognized risk, without being able to do anything about it,” the banks alleged earlier.
However, the court did not find the evidence presented to establish the connection between Buda and the fraudulent scheme. Furthermore, Buda’s CEO pointed out that the legal battle is still not over.
“The new information presented does not undermine the serious presumption of the right that is claimed or of the facts denounced in the lawsuit,” the court said.
The Chilean banks were always hostile towards crypto, and many of them denied services to several exchanges in 2018, which forced them to go to court. Though the TDLC favored the exchanges earlier, the two banks again moved against Buda.
Chile’s Free Competition Defense Court (TDLC) has ordered two major banks, Banco Itaú and BancoEstado, to facilitate current account services to local cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, Buda.com.
“The bank has not been able to present sufficient information to dismiss the serious presumption of acts that threaten free competition that the Court determined to grant the precautionary measure in favor of Buda.com,” Buda’s Chief Legal Officer, Samuel Cañas, told the local media.
Banks against Crypto Exchanges
Both Banco Itaú and BancoEstado closed the accounts maintained by the crypto exchange in 2018 during an investigation against Terra Finance, an investment company that scammed people.
The axe was dropped on the crypto exchanges when four victims of the scam said that they were customers of the cryptocurrency exchange. They lost 100 million Chilean pesos (around $200,000) in the Ponzi scheme. The banks then alleged that Buda did not do anything to stop such frauds and, in turn, cut their ties with it.
“Buda is indirectly allowing the use of Itaú’s systems by other cryptocurrency exchanges, of recognized risk, without being able to do anything about it,” the banks alleged earlier.
However, the court did not find the evidence presented to establish the connection between Buda and the fraudulent scheme. Furthermore, Buda’s CEO pointed out that the legal battle is still not over.
“The new information presented does not undermine the serious presumption of the right that is claimed or of the facts denounced in the lawsuit,” the court said.
The Chilean banks were always hostile towards crypto, and many of them denied services to several exchanges in 2018, which forced them to go to court. Though the TDLC favored the exchanges earlier, the two banks again moved against Buda.