Other major trades such as BitINKA and Panda Exchange have not reported any problems with banks.
Buda.com started discovering flaws on the Bancolombia platform before bank officials told the trade its account had been closed.
Senator Navarro Wolff, that convened the Third Senate Committee, stated that blockchain technology can be beneficial to the country in the areas of finance, electoral systems and management of public contracts. However, Wolff also stated,”Regulation is required to safeguard the customer and the user.”
Based on local information, the movement by the Colombian banks was unexpected, and the banks didn’t even disclose it was shutting the account. Buda.com sent an email to the clients where it explained the problems it was facing that were affecting withdrawals.
The market said the closing of its accounts was sudden that impacts the company’so operations and its users seeking to access their funds from Colombian pesos.
The business experienced a similar dilemma in Chile a few months ago, where several banks made a decision to close its accounts combined with those of many other exchanges.
Beltrán, nevertheless, considers the circular was a recommendation to the banks, not an arrangement.
Colombian banks have closed all the balances South American cryptocurrency market Buda.com without warning or explanation.
The move by the banks may be connected to an internal circular from the Colombian Financial Superintendent wherein banks were advised to not socialize with all crypto platforms.
A day ahead of the banks closed Buda.com’s accounts, the Colombian Senate held a session on the capacity of both cryptocurrency and blockchain technology.