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
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 exchange’s operations.
No Other Exchanges Appear to Have Been Targeted
The financial embargo 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 country’s Financial Superintendency, Bank of the Republic, and National Banking Association, Senator Antonio Navarro Wolff asserted that “the State assumed the task of warning about the risks of operations with cryptocurrencies but did not take actions to prevent or hinder these operations.”
“It is necessary to advance the issue of cryptocurrency, to be at the level of the countries that use this technology,” Senator Wolff added.
Buda Faces Banking Hurdles in Chile
Buda filed a lawsuit with Chile’s 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 court’s wishes, however, neither Scotiabank or Tiau have indicated that their intention to reopen the exchanges’ 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
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