Three Crypto Exchanges in Chile closed by State Bank

Banco del Estado de Chile gave the notice to Chilean cryptocurrency exchanges Buda, Orionx, and Cryptomkt that their accounts will be dropped
03 April 2018   583

This happens after the exchanges were also targeted with account closings by Itaú Unibanco Holding S.A. of Brazil and The Bank of Nova Scotia (Scotiabank of Canada). Regional news branch El Mercurio announces Banco del Estado de Chile (Banco Estado) is shuttering the accounts of three cryptocurrency exchanges. “Banco Estado adopted the decision,” a bank statement explained, “for now, not to operate with companies dedicated to issuing or creating, brokerage, intermediation or serve as a platform for cryptocurrency calls.”

Banco Estado is the only public bank in the country, which is directing all the governmental financial activity. It is traditionally focused on serving small businesses and the unbanked. It is Chile’s largest owner of debit cards. It is the third largest bank in the nation, and constantly valued as the safest bank in Latin America.

El Mercurio underlines that Banco Estado was the final chance for these three exchanges, which have also been compressed by Scotiabank and Itaú prior to the state bank’s announcement. This allegation was the only mention by the bank as for why it is closing down the accounts of the exchanges.

Orionx replied the newspaper it wasn’t the end of the world and also convinced that  users’ money is “fully backed and there is no insolvency risk.” Also Pablo Chavez of Buda claimed that the summary closings may let him launching a bank of his own, but he looked apathetic about those objects. Martín Jofré of Cryptomkt echoed Mr. Chavez, admitting Banco Estado has a financial lifeline.

Last month the above-mentioned cryptocurrency exchanges called on the country’s banking association in order to point out a clear position on the matter. Similar tactic had been often used in different countries under the pretext of money laundering or tax avoidance. Last year fall revealed a few banks in Singapore stopped doing business with several startups operating with cryptocurrencies. In Kuala Lumpur (Malaysia) the trading platform Luno had its bank account frozen by the tax officials.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   140

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.