Chile’s Free Competition Defense Court (TDLC) has ruled in favor of the Latin American crypto exchange Buda after their checking accounts have been closed by two prominent banks in the lawsuit connected to a Ponzi scheme unrelated to the exchange.
Diario Financiero said that the TDLC decided that Banco Itau and Banco Estado shall keep open Buda’s bank accounts, which have been shut down in 2018 amidst an investigation of a company named Terra Finance that was revealed to be a scam.
The lawsuit has been filed by four victims of the scheme and said that they were users of the crypto exchange. By that time, Banco Itau supported its decision by saying that Buda allowed the usage of its platform for Bogus companies like Terra Finance indirectly and did nothing to stop 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.”
But the Chilean court didn’t contemplate the claims strongly and issued the following resolution on the matter:
“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 Legal Battle Goes On!
Samuel Cañas, Buda’s chief legal officer commented with the media outlet:
“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.”
However, the legal battle hasn’t ended, Guillermo Torrealba, Buda’s CEO said, for the lawyers told him that there is still a year left. He still pointed out that the exchange is going “on the right path,” as four of the five judges are in favor of Buda, instead of the three votes they got from the previous audience.
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