More bad news from South America as Unisend, Argentina’s popular Bitcoin exchange, has lost its bank accounts.
The company will be forced to halt deposits and bank transfers as its accounts at both Banco Santander Rio and Banco Gailicia were closed on short notice.
Since nearly all of Unisend’s users transfer money into their Unisend account from their bank accounts, this is an unfortunate blow for the exchange. The setback is only temporary, though, as the company is actively searching for other solutions.
The notices were delivered by the bank at the end of July. According to Argentinian law, banks must give a ten-day warning before closing accounts, leaving time for Unisend to set up contingency plans.
Bad News For South America
This isn’t the first time Argentina has shown tepidity toward Bitcoin. Last month, Argentina’s Unidad de Informacion Financiera (Financial Information Unit, or UIF) set out new rules to combat money laundering. Among these, they declared financial services must report any transactions related to digital currency.
Nor is it the first state to shy away from the new digital economy. Both Bolivia and Ecuador have declared an all-out ban on virtual currency, the former to protect their national currency and protect investors, and the latter because they plan on introducing their own, state-sponsored digital currency.
The Future For Unisend
Unisend has no intention of shutting down its services at this point. In fact, they are working on Unisend Mexico, which will duplicate Unisend’s platform for a Mexican audience.
They plan on expanding into other South American markets as well.
Could this be the first signs of Argentina cracking down on Bitcoin? And could this move by Unisend’s banks be similar to America’s Operation Choke Point?
Argentinian Exchange Unisend Gets Its Bank Accounts Shut Down
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