Colombian Banks Close Crypto Exchange’s Bank Accounts

After one door re-opens, another door closes for South American crypto exchange BUDA.

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Cryptocurrency exchange BUDA had just recently received good news from Chile as they were able to continue operations when banks re-opened their bank accounts. Now, however, another South American country closes its doors to the exchange. Colombian banks have closed their accounts.

BUDA CEO Alejandro Beltran announced that Colombian banks Bancolombia, BBVA, and Davivenda have closed all their accounts.

Interestingly enough, exchanges BitINKA and Panda Exchange have not had the same problem.

Bancolombia had offered the exchange no explanations for the account closure, the bank’s representatives just told BUDA that their products were canceled.

The account closures do not only affect BUDA, but also their users wanting to access funds in Colombian Pesos.

Having already experienced a very similar situation in Chile, the exchange simply informed its users that their funds were safe and there was nothing to worry about.

The Crypto Debate in Colombia

There was a recent debate on blockchain tech and cryptocurrencies by the Colombian Senate. They had decided that the state was to be accountable for warning the Colombian public about the risks involved in cryptocurrencies. However, nothing was done in hindering these operations.

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