//EVERY exchange has been banned by the banking industry in my country (Chile)

EVERY exchange has been banned by the banking industry in my country (Chile)

Today, the last and only bank who still let exchanges open bank accounts just announced it will cease to work with them. It has given 10 days to return the money to the investors.Sadly, we will have no way to invest by fiat into cryptos now.The reason they gave was that this wasn’t a regulated industry.It didn’t help that we had 2 local cryptos launched and now they trade at like 5% of their initial value. Lots of people lost a lot of money and only insiders got rich. It truly looks like a scam to the banking industry.

Today, the last and only bank who still let exchanges open bank accounts just announced it will cease to work with them. It has given 10 days to return the money to the investors.

Sadly, we will have no way to invest by fiat into cryptos now.

The reason they gave was that this wasn't a regulated industry.

It didn't help that we had 2 local cryptos launched and now they trade at like 5% of their initial value. Lots of people lost a lot of money and only insiders got rich. It truly looks like a scam to the banking industry.