Chilean Bank to Reopen Crypto Exchanges Accounts

State Banco Estado, commercial Scotiabank and Itaú should reopen previously closed accounts of  Cryptomkt and Buda exchanges in several days
28 May 2018   1250

The Chilean court rejected the appeal of the country's largest banks and confirmed the April decision to reopen the accounts of Cryptomkt and Buda. This is reported by Bitcoin. com.

State Banco Estado, commercial Scotiabank and Itaú should reopen previously closed accounts in several days. According to the publication, Banco Estado has already contacted Cryptomkt for negotiations, and Scotiabank and Itaú may appeal the decision again.

According to the co-founder of Cryptomkt Martin Zofre, when the banks announced the closure of accounts, "in five days they returned 99.8% of funds to Cryptomkt customers, so now they will start from scratch." Nevertheless, the exchange expects to return to the digital currency market in the coming days.

In the beginning of April the Chilean banks Itau Corpbanca, Bank of Nova Scotia and Banco del Estado de Chile without explanations blocked accounts of exchanges Buda, Crypto MKT and Orionx. In connection with this, trading floors were forced to apply to the court.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   69

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.