Colombian Banks Close Accounts Of Domestic Cryptocurrency Exchange

By dan saada June 15, 2018 Off
Colombian Banks

Alejandro Beltran, the CEO of the cryptocurrency exchange announced that Colombian banks had closed’s accounts. According to, BBVA, Davivenda and Banks Bancolombia have all closed’s accounts.

The Financial Supervisor of the country recently sent the notice of warning to the financial institutions about the use of platforms to support cryptocurrencies. Jorge Castano Gutierrez, the financial superintendent of Colombia, wrote a letter. It indicates that the entities under the surveillance are not authorized to intermediate, invest or guard with these instruments.

Beltran also said that the notice was a warning and it does not require any action. started to notice the irregularities with the Bancolombia platform, according to The bank representatives of the bank told that they canceled its products and did not offer any explanation. also noted about the delays of the withdrawals and are expected to be accessible by June 13. also believed that the bank’s action does affect not only the company but also the users seeking to access the funds in Colombian pesos. The team also advised all the users that their funds are protected and advised them not to worry.

The experienced the same scenario in Chile last March when the Scotiabank, Chilean State Bank and Banco Itau and seven more banks said that they would close all their crypto bank accounts. That is because of lack of regulation. The banks also took similar actions with the CryptoMarket exchanges and Orionx as an addition to

CryptoMarket and asked Chile’s banking association to issue a statement providing a clear and concise position on cryptocurrencies. The exchanges also noted that they work on safe platforms, follow the anti-terrorists financing and anti-money laundering rules, possesses channels to work with local authorities and pay value-added taxes.

The Asociacion de Bancos e Instituciones Financeria (ABIF) responded to the issue. They stated that it has to be resolved between the customer and the bank. Chile’s court ordered the banks to re-open their accounts following a three-month legal battle.

A certain debate was previously held in Colombian State about the digital currencies and the blockchain technologies. During the debate, it was noted that the state was responsible for the cryptocurrency related risks but haven’t done anything to hinder such operations. Some of the participants include the National Banking Association, the Bank of the Republic, and the Financial Superintendency. has been active in different countries such as Peru, Argentina, Chile, and Colombia, allowing users to trade Litecoin, bitcoin, Ethereum and Bitcoin Cash.