High Court Lashes Out Against CryptoWorks and Endorses The Closing Of OrionEX Accounts



The decision was taken since the cryptoquisitions "wanting a regulatory framework" and could be lent for illegal purposes.

The Chilean Supreme Court has talked to a case icon in the closing of bank accounts for credit crunch operators. In particular, it was issued a verdict on the conflict between Banoostado and OrionX (check the background here)

According to the ruling, released by DF, The decision of the bank to close the account to Orion is not illegal or arbitrary, which is the case of the Appeal of Santiago. Why? Everything pointed to the prevalence of criticism:

The purchase and sale of virtual currencies and credit currencies such as Etherium, Ripple, Lycoonin and Bitcoin, all consisting of computer programs, specifically algorithms that, as such, lack of physical manifestations and have no intrinsic value as generally, From a particular government or from a society, being defined and controlled by a decentralized group of users who use the Bitcoin protocol on the Internet, in addition to what is currently the financial actuarial Itetn carried with them do not have a regulatory framework "

The sentence is published "as long as there is no regulatory recognition of the activity, so to comply with the legal regulations and to emancipate the law's entities to control it, which seeks to prevent the bank and its products by expanding with the purpose of Carrying out money laundering or terrorist financing operations, among other possible risk activities "

At how much, from Orion they remembered the following:

OrionEX regrets the adverse decision of the Supreme Court issued today, and does not disclose the arguments that this entity relies on to make the decision to reject the appeal. Orionx wants to explain that this verdict does not involve the closing of the current bank accounts of the company. This is because there is a current precaution with the Department of Free Advocacy, which prevents banks from closing the aforementioned accounts.

On the illicit activities that take place in the world of cryptocruzes, such as false ICO, money laundering, ponzi schemes, pump and dump schemes, etc., we have talked about other times.


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