Colombian banks close accounts to exchange platform Buda.com
The measure taken by banking institutions in Colombia emulates events that occurred in Chile at the end of March, when financial institutions decided to block the operations of the platform within the country. The Court of Defense of Free Competition of the South American country ruled in favor of the affected platforms and ordered the reopening of the bank accounts.
One of the most reputable exchange platforms in several countries in Latin America, Buda.com, has been subject to a new financial blockade. On this occasion, it was carried out by Colombian banking institutions, which decided to close their accounts within the country.
The news was informed by the Buda.com team through an email sent to its users in Colombia. In the email they explained about the situation they are going through since yesterday, when they began to experience irregularities with the Bancolombia platform.
The measure was classified as sudden and arbitrary, since when trying to contact the representatives of the bank, they reported that they had canceled the products with the bank without offering further explanations. This situation resulted in a delay in withdrawals, which are estimated to be enabled and available for Wednesday, June 13.
In the message, the team assures that the measures taken by the banks not only affect the company, but also the users who wish to use their funds in Colombian pesos. Buddha assured the people affected by what happened that the funds are well protected, so they invite users to be calm on that side.
According to information published by the Infobae news agency, it seems that Bancolombia has not been the only institution that has taken this step with the exchange platform, since the banking entities Davivienda and BBVA have also carried out similar actions. This information was confirmed by Alejandro Beltrán, CEO of Buda.com in Colombia, who indicated that, in effect, all the aforementioned banks closed the company's accounts.
The measure seems to take the position assumed by the banks against the activities carried out by the exchange platform in the country, since Beltrán rightly denounced that on previous occasions some entities had blocked their bank accounts due to being part of the bank. directive of the exchange platform, a measure that was applied in a much more personal way and did not affect the users of the platform as it happens this time.
The paradox of this situation is that just yesterday there was a debate in the Colombian Senate regarding digital currencies and Blockchain technology, a topic that was proposed by Senator Antonio Navarro Wolff, and was attended by representatives of the Financial Superintendency, Bank of the Republic and the National Banking Association (Asobancaria). One of the points that had become clear in the discussion was 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".
In that order of ideas, another approach made by Senator Navarro Wolff is that the measures taken to close bank accounts to users who make commercial use of digital currencies is a very closed approach that prevents the free development of the ecosystem of cryptocurrencies. , not knowing the importance and the benefits that could bring for the country in the medium / long term.
Apparently, this measure taken by banks only affects Buda.com, so other platforms such as Panda Exchange and BitINKA have not reported similar inconveniences.