In an unregulated crypto environment task of managing a crypto exchange is one of the hardest ones. One of the prerequisites for successful crypto exchange is a good cooperation with a traditional bank. This is a must-have for the exchanges as they need to have some sort of official bank accounts in order to regulate their money flow. In Europe, there are certain regulations and banks are starting to build business relationships with crypto exchanges which are a great sign. European crypto exchanges at least know what to expect, there are no unpleasant surprises dealing with the European banks. Unfortunately, this is not the case in other parts of the world.
Buda to challenge Colombian banks
Buda, one of the biggest crypto exchanges in South America recently encountered problems after three major banks closed their accounts without giving an official notice, as CoinIdol reports. Buda’s director Alejandro Beltran noted that crypto exchange is doing everything in their power to get back their closed account and resume working.
Buda is a crypto-to-crypto exchange with 35,000 accounts in Colombia and over 45,000 in Chile, Peru, and Argentina. Being that large, Buda represents one of the pillars of the crypto community in South America. Buda’s director…