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Crypto Exchange Buda Subject of Sudden Banking Embargo in Colombia

13/06/2018 by Idelto Editor

Crypto Exchange Buda Subject of Sudden Banking Embargo in Colombia

Major Latin American bitcoin exchange, Buda, recently suddenly become the subject of a banking embargo in Colombia, according to local reports. Buda similarly experienced the termination of its Chilean banking services in March of this year.

Also Read: Six Major Banks in Chile Sued by Another Cryptocurrency Exchange

Buda Suffers Termination of Banking Services in Colombia

Crypto Exchange Buda Subject of Sudden Banking Embargo in ColombiaBuda, a Latin American bitcoin exchange formerly known as Surbtc servicing the Argentinian, Chilean, Colombian, and Peruvian markets, suddenly became the subject of a financial blockade from Colombian banking institutions. The sudden termination of the exchange’s Colombian bank accounts has disrupted customer withdrawals, which are expected to be processed as normal from June 13th onward.

The CEO of Buda, Alejandro Beltran, confirmed that Bancolombia, Davivienda, and BBVA have all terminated financial services provided to the exchange via an email sent to customers. Buda also sought to assure customers that despite their funds are safely protected despite the disruptions to exchange’s operations.

No Other Exchanges Appear to Have Been Targeted

Crypto Exchange Buda Subject of Sudden Banking Embargo in ColombiaLocal reports have attributed embargo to a warning issued by the Superintendence in February that encouraged banks to avoid having ties to Buda.com. The embargo does not target other Columbian exchanges, with local media reporting that “other local crypto exchanges remain open and unimpeded,” as neither Panda Exchange nor Bitinka has reported terminations of banking services.

The financial embargo against Buda has come at a time of increasing parliamentary dialogue regarding cryptocurrencies in Colombia.

During a recent debate in the Colombian Senate attended by representatives of the country’s Financial Superintendency, Bank of the Republic, and National Banking Association, Senator Antonio Navarro Wolff asserted that “the State assumed the task of warning about the risks of operations with cryptocurrencies but did not take actions to prevent or hinder these operations.”

“It is necessary to advance the issue of cryptocurrency, to be at the level of the countries that use this technology,” Senator Wolff added.

Buda Faces Banking Hurdles in Chile

Crypto Exchange Buda Subject of Sudden Banking Embargo in ColombiaIn March, Buda, alongside cryptocurrency exchanges Cryptomarket, and Orionx, became the subject of an aggressive banking embargo from Chile’s seven major financial institutions, including state-owned bank, Banco del Estado de Chile.

Buda filed a lawsuit with Chile’s Court for the Defense of Free Competition, leading to the court ordering Banco del Estado de Chile, Scotiabank, and Itau Corpbanca to reopen the accounts of Buda and Cryptomkt. Banco del Estado de Chile has confirmed that it will comply with the court’s wishes, however, neither Scotiabank or Tiau have indicated that their intention to reopen the exchanges’ accounts.

Do you think that Buda will be driven from the Colombian markets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Buda


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The post Crypto Exchange Buda Subject of Sudden Banking Embargo in Colombia appeared first on Bitcoin News.

Filed Under: Bitcoin, bitinka, Buda, colombia, colombian, crypto, Embargo, English, Exchange, Latin America, N-Economy, News Bitcoin, panda, Subject, Sudden

Chilean President Considering Regulation of Cryptocurrencies

23/05/2018 by Idelto Editor

Chilean President Considering Regulation of Cryptocurrencies

The Chilean president, Mario Marcel, has made comment seemingly in favor of developing a regulatory apparatus for virtual currencies. The apparent openness to regulating cryptocurrencies contrasts significantly from the recent banking embargo targeting virtual currency recently witnessed in Chile.

Also Read: Spanish Regulator Open to Approving Funds Investing Directly in Cryptocurrencies

Chilean President Discusses Benefits of Regulating Cryptocurrencies

Chilean President Considering Regulation of CryptocurrenciesDuring a forum recently held by Chile’s Finance Commission of Deputies, President Marcel made comments indicating that his administration is considering developing a legislative apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Presently, cryptocurrencies are entirely unregulated in Chile, and are not legally recognized as a means of exchange or securities.

Mr. Marcel spoke in favor of developing an effective means through which to monitor the cryptocurrency markets, stating that “Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks,” adding that “These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.”

By contrast, President Marcel warned that developing an ad hoc regulatory apparatus could risk providing a false “sense of security” whilst failing to effectively manage associated risks.

Despite the comments, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, stating “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

Chile Changes Course After Recent Cryptocurrency Banking Embargo

Chilean President Considering Regulation of CryptocurrenciesThe apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

In March, two Chilean cryptocurrency exchanges, Buda and Crypto Mkt, requested clarity on the position of the country’s banking association regarding virtual currencies after numerous banks suddenly terminated their accounts with the exchanges. At the beginning of April, both exchanges, in addition to a third exchange, Orionx, received notice from Banco del Estado de Chile (Banco Estado) that their accounts with the country’s sole state bank would soon be closed.

During mid-April, the Buda sought to appeal against the account suspensions. The action would prove successful, with Chile’s anti-monopoly court ordering two of ten banks to re-open Buda’s accounts.

The verdict led to the Chilean Minister of Economy, Development, and Tourism, José Ramón Valente, issuing a statement seeking to emphasize the government is “not in favor [of] or against [cryptocurrencies], but simply see them as another innovation.”

Do you think that Chile will move towards developing a permissive regulatory apparatus for cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia, http://corporativo.bancoestado.cl


Need to calculate your bitcoin holdings? Check our tools section.

The post Chilean President Considering Regulation of Cryptocurrencies appeared first on Bitcoin News.

Filed Under: banco, Bank, Buda, Chile, chilean, Considering, crypto, crypto mkt, Cryptocurrencies, Embargo, English, estada, marcel, mario marcel, N-Economy, News Bitcoin, Orionx, President

Chilean Minister Supports Cryptocurrencies After Court Sided With Exchanges

29/04/2018 by Idelto Editor

Chilean Minister Supports Crypto After Court Sided With Exchanges Against Banks

The Chilean Minister of Economy has voiced his support for cryptocurrencies after the country’s anti-monopoly court ordered major banks to re-open the accounts of crypto operators. Three banks out of the 10 sued by local cryptocurrency exchange Buda have been ordered to re-open crypto exchange accounts.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Minister of Economy Supports Crypto

José Ramón Valente, Chile’s Minister of Economy, Development, and Tourism, “gave a signal of support to cryptocurrencies and those who operate them in Chile,” Diario Financiero reported on Friday and quoted him saying:

What interests us with cryptocurrencies is basically giving them the opportunity [to develop] because they are an important innovation that is happening in the world…You have to give them a chance.

Chilean Minister Supports Crypto After Court Sided With Exchanges Against Banks
José Ramón Valente.

“We cannot stay out of these innovations” or “outside of this economy of the future,” he emphasized, adding that by giving them a chance, “we are not the ones who artificially put a lock on them so they cannot happen,” the news outlet conveyed.

While advocating for giving cryptocurrencies a chance “so that they demonstrate their value,” he clarified that he does not support any parties involved in the conflict between banks and crypto exchanges. “We are not in favor [of] or against them, but simply see them as another innovation and we favor that there is this innovation, and that Chile does not close before the possible technological advances in the world,” he elaborated.

Scotiabank Next

Chilean Minister Supports Crypto After Court Sided With Exchanges Against BanksThe minister’s remarks came after the Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered Banco del Estado de Chile and Itau Corpbanca to re-open the current accounts of Buda crypto exchange, formerly Surbtc.

On Friday, Diario Financiero also reported that the TDLC proceeded to issue the same order to Scotiabank to re-open the current account of another cryptocurrency operator, Cryptomkt.

Responding to the court’s order, Scotiabank said:

We excuse ourselves from issuing an opinion. However, we would like to point out that Scotiabank has high standards in the prevention of money laundering which are a regulatory requirement, which must be met by all bank customers without exception.

The bank added that in this particular case, the account was closed after the company “was asked to prove the origin of its funds, [and] it could not adequately satisfy them.”

Pablo Lorenzini, Christian Democratic Party deputy and president of the Finance Committee of the Lower Chamber, said following the TDLC’s orders, “we must legislate [cryptocurrencies] soon.”

What do you think of the Chilean Minister of Economy’s support for crypto and the court’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and Wikipedia.


Need to calculate your bitcoin holdings? Check our tools section.

The post Chilean Minister Supports Cryptocurrencies After Court Sided With Exchanges appeared first on Bitcoin News.

Filed Under: bancoestado, bank accounts, bci, Bitcoin, BTC, Buda, Chile, chilean, Court, court order, crypto, Cryptocurrencies, Cryptomkt, English, Finance, Innovation, itau, José Ramón Valente, minister of economy, N-Economy, News Bitcoin, scotiabank, SurBTC, TDLC

Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts

27/04/2018 by Idelto Editor

Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts

Chile’s anti-monopoly court has ordered two major banks in the country to re-open accounts for a cryptocurrency exchange after it filed a lawsuit against 10 banks accusing them of anti-competitive behavior. The two banks must enter into a new contract with the crypto exchange under the same terms and conditions as before.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Court Rules in Favor of Crypto Exchange

Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) has ordered Banco del Estado de Chile (Bancoestado) and Itau Corpbanca (Itau) to re-open the accounts of a local cryptocurrency exchange, Buda, during the course of its lawsuit against 10 banks, local media reported.

Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts

Earlier this month, Buda (formerly Surbtc) sued 10 banks after they closed the exchange’s accounts, along with the accounts of Orionx and Cryptomkt exchanges. The ten banks named in the suit include Bancoestado, Itau, Santander, Bci, Banco de Chile, Scotiabank, Bice, and Bbva, according to Diario Financiero.

The news outlet elaborated on the court’s Thursday ruling:

[The ruling is] an unprecedented precautionary measure binding Bancoestado and Itau to enter into a new current account contract with the operator [Buda], while the case is proceeding.

Court Orders Chilean Banks to Re-Open Crypto Exchange AccountsThe court also added in its order for the two banks to sign the contract with Buda “under the same terms of the contracts described between said parties previously,” the publication conveyed and quoted the court declaring, “the foregoing, inasmuch as the requested precautionary measure is necessary to prevent the eventual negative effects of the conduct submitted to this Tribunal.”

Lawsuits Against Banks

Court Orders Chilean Banks to Re-Open Crypto Exchange AccountsBuda “also asked the court to punish the 10 banks with the maximum of the fine established in DL211, with costs, and ordered [them] to stop the practice indicated, without prejudice to other measures deemed appropriate to the effect,” the news outlet described and noted that Buda accused the banks of executing:

Anticompetitive behavior consisting of abuse of their collective dominance position and by engaging in an abusive exploitation that excludes their dominant position…with the purpose or effect of preventing, restricting and hindering competition in the affected markets.

Last month, after a number of Chilean banks shut down their accounts, Buda and Cryptomkt called on the country’s banking association (ABIF – Asociación de Bancos e Instituciones Financieras) to issue a clear position regarding the crypto industry.

What do you think of the court’s order? Let us know in the comments section below.


Images courtesy of Shutterstock and Elquintopoder.


Need to calculate your bitcoin holdings? Check our tools section.

The post Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts appeared first on Bitcoin News.

Filed Under: anti monopoly, bancoestado, Bitcoin, Buda, Chile, corpbanca, crypto, Cryptomkt, Digital Currency, English, free competition, itau, N-Featured, News Bitcoin, Orionx, SurBTC, TDLC, Virtual Currency

Chilean Crypto Exchanges Appeal Against Banking Embargo

16/04/2018 by Idelto Editor

Chilean Crypto Exchanges Appeal Against Banking Embargo

A number of Chilean cryptocurrency exchanges have sought to appeal the recent decision by several Chilean banks, including state-owned Banco del Estado de Chile, to suspend the accounts of cryptocurrency exchanges.

Also Read:Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $36 Million

Chilean Crypto Exchanges to Receive Appeals Hearing

Chilean Crypto Exchanges Appeal Against Banking Embargo
Banco del Estado de Chile headquarters in Santiago

It has been reported that Chilean cryptocurrency exchange platforms, Buda, Orionx, and Cryptomkt, have successfully sought to have their cases heard by an appeals court – the Court of Defense of Free Competition (TDLC).

At the start of the month, Buda, Orionx, and Cryptomarket were given notice by Banco del Estado de Chile – the last remaining public bank in Chile, which has for sixty-five years sought provide services to smaller enterprises and the country’s unbanked, that their accounts with the bank were to be suspended. The notice of the account closures was given shortly after the three exchanges received account terminations from The Bank of Nova Scotia and Itau Unibanco Holding S.A of Brazil.

Mario Bravo, the exchanges’ lawyer, has stated “We are going to sue the TDLC to all the banks that denied or hindered the opening of current accounts to these companies and to those who, having opened them, closed them. Here are the majority of the banks in the square.” Mr. Bravo describes the events as comprising “an abusive exploitation of a situation of economic dependence.”

Banking Embargo Comprises Existential Threat to Chile’s Cryptocurrency Sector

Chilean Crypto Exchanges Appeal Against Banking EmbargoBuda’s co-founder and chief executive officer, Guillermo Torrealba, has accused the country’s banks of “killing an entire industry.” Mr. Torrealba criticized the banks’ position, predicting, “It won’t be possible to buy and sell crypto in a safe business in Chile. We’ll have to go back five years and trade in person. It seems very arbitrary.”

Prior to the current banking embargo, Buda facilitated approximately $1 million USD worth of cryptocurrency trades daily. “Hopefully the appeals court will see we’re right,” said Mr. Torrealba.

Despite the banking embargo forcing the Chilean exchanges to return all funds held in fiat currency to investors, Orionx has indicated that it will continue to offer trading for crypto-to-crypto pairings.

Do you think that the appeals court will support the exchanges’ claims? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Chilean Crypto Exchanges Appeal Against Banking Embargo appeared first on Bitcoin News.

Filed Under: Against, Appeal, banco del estado, Buda, Chile, crypto, cryptomkts. Chilean, Embargo, English, Finance, irionx, N-Economy, News Bitcoin, torrealba

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