Colombian Banks Shuts Accounts of Domestic Digital Currency Exchange

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Domestic Cryptocurrency Exchange Accounts Shutter by Colombian Banks

As per, Colombian banks have closed’s accounts, CEO of the cryptocurrency exchange, Mr.  Alejandro Beltran, declared. Banks like Bancolombia, Davivenda, and BBVA have all closed’s accounts.

The nation’s Financial Supervisor earlier sent a notice warning financial institutions about using their platforms to support digital currencies. The letter from Jorge Castano Gutierrez, Colombia’s financial superintendent, stated the entities under surveillance are not allowed to intermediate, guard or invest with these instruments.

Alejandro Beltran told the notice was a warning and didn’t require action.

Other digital currency platforms such as Panda Exchange and BitINKA have not reported such problems.

On 7th June, began noticing irregularities with the Bancolombia platform. As per, the bank representative told they canceled its products and offered on clarification. Withdrawals have been delayed, noted, and are expected to be available by 13th June.

The team told the bank’s actions affect not only the company but customers trying to access funds in Colombian pesos. told users that their funds are protected and asked them not to worry. encountered a similar situation in Chile in March when the Chilean State Bank, Banco Itau, Scotiabank, and seven other institutions stated they would close digital currency due to insufficient regulation. The bank took similar action with CryptoMarket and Orionx exchanges in addition to

CryptoMarket and Orionx urged Chile’s banking association, Asociacion de Bancos e Instituciones Financeria (ABIF), to publish a statement giving a clear position on digital currencies. The exchange noted that they operate secure platforms, have channels to work with local authorities, follow anti-terrorist financing and anti-money laundering rules and pay value-added taxes.

ABIF responded that the problem has to be resolved between the bank and its clients.

Recently a debate was held in the Colombian Senate about the blockchain technologies and cryptocurrencies. Amid the debate, attended by the National Banking Association, the Financial Superintendency and the Bank of the Republic, it was remarked that the state was responsible for warning about digital currency-related risks but had done nothing to block such operations. has been active in Colombia, Peru, Chile, and Argentina enabling the customer to trade bitcoin, bitcoin cash, Litecoin, and Ethereum.

Suzat Fernandes

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