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Banks in Colombia Take on Regulatory Roles and Close All Crypto-Related Accounts

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As it stands, there is a new financial blockade in Latin America as Colombian banks move to ban accounts that belong to crypto-related organizations. Banks in Colombia will soon shut down all crypto-related accounts in South America. This comes at a time when the market has been on a bear rally since the start of the year. In fact, if recent reports by Cointelegraph are anything to go by, there are already several banks in Colombia that have closed all crypto trading and investment accounts, such as the Buda.com exchange.

What Is Buda.com?

Buda.com is one of the biggest exchange platforms in the region and its closure has come as a surprise to most. To confirm the discontinuation of these services, Buda’s CEO (Alejandro Beltran) did not only confirm the validity of the story but also went on to name three others banks that have blocked these accounts as well, including BBVA and Davivienda.

Details of the Email

Apparently, the Buda.com team has already been experiencing some irregularities with their Bancolombia platform. Reports further indicate that the decision by the banks to send out an internal letter from Colombia’s financial control was not planned; rather, it was a sudden and arbitrary move. Most crypto investors, traders and holders were equally affected even though the move only targeted organizations like Buda.com.

This is not the first time Buda.com has come under scrutiny by banks and regulators. In Chile, the company has also had its accounts and platforms affected.

Image Credit: Deposit Photos

What do you think about the move by Colombian banks to regulate the market? Share your thoughts and opinions with us in the comments section.

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