Tuesday, August 12, 2014

Argentinian Bitcoin Exchange Loses its Bank Accounts

Argentina-based bitcoin exchange Unisend stopped customer deposits and bank transfers on Monday after Banco Santander Río and Banco Gailicia suddenly closed its company accounts.

Santander and Gailicia sent Unisend written notification on 28th and 31st July, respectively. Each cited Article 792 of Argentina’s code of commerce, which says that a banking relationship can be terminated at the request of a bank or its client provided 10 days notice is given.

Unisend partner José Rodriguez told CoinDesk that the exchange does not expect its services to be affected in the long term, stating:

“We have other banking relations and are working to open new ones in case any other contingency arises. Operations are continuing as usual.”

About 90% of users transfer money to Unisend from their bank accounts. The other 10% deposit cash through payment processors like RapiPago ARS, PagoFacil,CobroExpress and BaproPagos, among others.

For the time being, customers can still use their bank accounts to transact with the exchange as the Unisend accounts aren’t set to close until later this week. The company aims to have its other accounts ready for user trading before then.

- Source, CoinDesk