International

Crypto Coin Exchanges’ Bank Account Shut Down in Colombia, No Justification Given

Crypto coin exchange entities have suffered a massive impact in view of action taken by Colombian Banks in closing the cryptocurrency accounts of Buda.com, one of the crypto-coin exchange companies without justification. The financial authority of Colombia has indicated that they had warned crypto coin exchange authorities earlier to stop using their platform for crypto financial activities. Authority also stated that cryptocurrency exchange agencies are not authorized to transact on their platform. However, other cryptocurrency companies still remain unaffected.

Buda.com reported that they were noticing some sort of disparities in the activities of their banking authorities who have closed their accounts without justification. Bank authority explained that the matter being a sacred issue, they had canceled transactions held with Buda.com without giving any explanations. Buda.com admitted this drastic action by Bank will result in suffering of their clients in withdrawing currency, Colombian Pesos from Bank. Buda, however, consoled their users that their money is safe with them and there is no issue to be worried about, according to Infobae.

Crypto coin exchange in Chile

Buda is experienced similar action in Chile when leading Chilean Banks authorities announced in March 2018 that they will close the bank accounts of the crypto-coin exchangers operating in Chile due to the presence of inadequate regulation related to cryptocurrency transaction.

Cryptocurrency exchange companies in Chile noticed that some of the Chilean Banks have already closed the accounts of the crypto exchanger in Chile. In response to this action by Banks, crypto companies have decided to have a meeting with ABIF, Association de Bancos e Instituciones Financers, Chile to discuss this issue and to obtain the views of the ABIF to find a solution of the related issues.

The crypto exchangers are confident that they operate in the safe and legal platform. They work cooperating with local Authorities, abide by anti-money laundering and strictly follow anti-financing terrorist’s regulations and payment of tax regularly to Government.

Crypto companies also expected that ABIF would take the issue with the Banking Authorities and will find a solution. ABIF responded that the issue has to be solved and closed by the interaction between Bank and customers.

Chilies court of defenses ordered the Banks to reopen all the closed accounts after a legal battle fought for three months.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Pooja Anoj is a cryptocurrency blogger who covers exciting crypto news stories and crypto guides for OWLT Market.

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