Multiple Colombian bank accounts of the South American cryptocurrency exchange platform Buda.com has been closed indefinitely, simultaneously, and without prior notice, as a local crypto news outlet revealed on June 8.
The South American cryptocurrency exchange platform has reportedly been experiencing technical difficulties, even though they explained that they would be resuming its operations on June 13. Despite the banks’ refusal to provide an explanation to their simultaneous and seemingly-coordinated actions, many are linking the ‘technical difficulties’ to the sudden move of various Colombian banks, namely Bancolombia, BBVA, and Davivienda, as Buda’s Colombian CEO Alejandro Beltran confirmed.
However, others are more sold out to the report that the aforementioned banks previously received an internal letter from the Colombian financial control officer in February which reminded them that interacting with cryptocurrency platforms is not permitted by the Colombian government.
Beltran interprets the letter differently, as he saw it only as a recommendation and that banks are not compelled to comply with what the letter ‘recommends’.
This event should not come as a shocker for Buda, since it has already faced a similar treatment by Chilean banks when they closed its bank accounts in March, together with a couple of other cryptocurrency platforms. As a response, the three platforms filed a lawsuit to counter the decision. A month later, the Chilean court was on Buda’s side when they ordered that its accounts be reopened at two notable Chilean banks.