Chilean Court Orders Banco Estado to Re-Open Bitcoin Exchange Orionx’s Account

Chilean Court Orders Banco Estado to Re-Open Bitcoin Exchange Orionx’s Account

Court of Appeal of Santiago’s Fourth Chamber has recently ruled that state-owned Banco Estado has to re-open the account of bitcoin exchange Orionx, after it seemingly illegally shut it down.

According to CCN, earlier this year Chilean banks Itau Corpbanca, Bank of Nova Scotia, and state-owned Banco Estado shut down the accounts of the country’s largest cryptocurrency exchanges Orionx, Crypto MKT, and Buda in what was deemed a blanket ban on the cryptocurrency industry.

At the time, Banco Estado revealed it decided “not to operate with companies that are dedicated to the issuance or creation, brokerage, intermediation or serve as a platform for the so-called cryptocurrencies.” In response, exchanges took their case to an appeal court that decided to hear them, while their accounts remained closed.

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Orionx won its case as the court noted Banco Estado made an “arbitrary and illegal action, which constitutes a deprivation of the right protect by Article 19 No.2 of the Political Constitution of the Republic, that is, the right to equality before the law.”

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