Crypto Exchange Buda Subject of Sudden Banking Embargo in Colombia
Exchanges 2 hours ago | By Samuel Haig - | 992 Crypto Exchange Buda Subject of Sudden Banking Embargo in Colombia
Major Latin American bitcoin exchange, Buda, recently suddenly become the subject of a banking embargo in Colombia, according to local reports. Buda similarly experienced the termination of its Chilean banking services in March of this year.
Also Read: Six Major Banks in Chile Sued by Another Cryptocurrency Exchange
Buda Suffers Termination of Banking Services in Colombia
Buda, a Latin American bitcoin exchange formerly known as Surbtc servicing the Argentinian, Chilean, Colombian, and Peruvian markets, suddenly became the subject of a financial blockade from Colombian banking institutions. The sudden termination of the exchangeâs Colombian bank accounts has disrupted customer withdrawals, which are expected to be processed as n ormal from June 13th onward.
The CEO of Buda, Alejandro Beltran, confirmed that Bancolombia, Davivienda, and BBVA have all terminated financial services provided to the exchange via an email sent to customers. Buda also sought to assure customers that despite their funds are safely protected despite the disruptions to exchangeâs operations.
No Other Exchanges Appear to Have Been Targeted
Local reports have attributed embargo to a warning issued by the Superintendence in February that encouraged banks to avoid having ties to Buda.com. The embargo does not target other Columbian exchanges, with local media reporting that âother local crypto exchanges remain open and unimpeded,â as neither Panda Exchange nor Bitinka has reported terminations of banking services.
The financial embar go against Buda has come at a time of increasing parliamentary dialogue regarding cryptocurrencies in Colombia.
During a recent debate in the Colombian Senate attended by representatives of the countryâs Financial Superintendency, Bank of the Republic, and National Banking Association, Senator Antonio Navarro Wolff asserted that âthe State assumed the task of warning about the risks of operations with cryptocurrencies but did not take actions to prevent or hinder these operations.â
âIt is necessary to advance the issue of cryptocurrency, to be at the level of the countries that use this technology,â Senator Wolff added.
Buda Faces Banking Hurdles in Chile
In March, Buda, alongside cryptocurrency exchanges Cryptomarket, and Orionx, became the subject of an aggressive bankin g embargo from Chileâs seven major financial institutions, including state-owned bank, Banco del Estado de Chile.
Buda filed a lawsuit with Chileâs Court for the Defense of Free Competition, leading to the court ordering Banco del Estado de Chile, Scotiabank, and Itau Corpbanca to reopen the accounts of Buda and Cryptomkt. Banco del Estado de Chile has confirmed that it will comply with the courtâs wishes, however, neither Scotiabank or Tiau have indicated that their intention to reopen the exchangesâ accounts.
Do you think that Buda will be driven from the Colombian markets? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Buda
Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!Source: Google News Colombia | Netizen 24 Colombia