Buda Crypto Exchange Seeks Olive Branch From Colombian President In Reopen Reconsideration

Buda.com Reaches Out to Columbian President for Help Reopening

Buda.com, a South American cryptocurrency exchange requested help reopening from Columbian president Ivan Duque, according to Columbian news outlet La Republica.

The platform features 35,000 accounts in Columbia and it ceased operations on June 20 after banks determined that the platform did not have enough to guarantees. Banks did not provide further explanation on the matter. After being shut down, the exchange experienced technical difficulties. In the interim, a Columbian financial control officer reminded banks that they did not have the authority to take such action against the platform.

The platform, its users, and the country’s cryptocurrency association have petitioned Columbian president Ivan Duque to help the platform reopen. The petition states, in part:

In accordance with the latest pronouncements of the president about promoting new technologies in the country, creating spaces and benefits for technology such as blockchain and cryptocurrencies, have led the company to Chilean origin to return to insist on reopening in Columbia, asking the president to intercede on its behalf.

The platform’s manager further asserts that the exchange requests access to basic banking services to start operations and emphasizes that the company contributes to education of new technologies. It can also help the country develop a healthy crypto industry.

Columbia’s president has taken an open approach toward crypto and blockchain startups. He recently cut takes for crypto businesses and stated that deployment of such technology may reduce corruption and improve security, justice, and medicine.

A few months ago, the exchange filed a lawsuit against the banks, which were then ordered by an anti-trust court to reopen the exchange’s account.