Two Banks in Argentina Shut Bank Accounts of Unisend, a Leading Bitcoin Exchange

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Unisend, reportedly the only Bitcoin exchange in Argentina, is facing huge trouble as its bank accounts have been shut by the two banks it had been partnering with for the exchange’s fiat currency storage. In consequence to this the Bitcoin exchange says that it won’t be able to process the customers’ deposits and bank transfers in the next couple of weeks.

The reports are that Unisend stopped customer deposits and bank transfers on Monday this week as two banks Banco Santander Río and Banco Gailicia suddenly closed its company accounts. It looks like the decision was not instant as the two banks e.g. Santander and Gailicia sent Unisend written notification on 28th and 31st July, respectively.

The two banks cited Article 792 of Argentina’s code of commerce and justified their action. The code says that a banking relationship can be terminated at the request of a bank or its client provided 10 days notice is given. Despite the discontinuance of the services from the two banks, Unisend says that it won’t affect the services in the long term.

It Won’t Affect the Bitcoin Exchange in the Long Term, Says Jose Rodriguez

Talking to media professionals, Unisend partner José Rodriguez said that the exchange does not expect its services to be affected long term by the move as the company has excellent relations with other banking organizations and working to open new ones in case any other contingency arises. The company assured the customers that operations are continuing as usual.

Currently, close to 90% of users transfer money to Unisend from their bank accounts and the rest users deposit cash through payment processors like RapiPago ARS, PagoFacil, CobroExpress and BaproPagos, etc. The reports are that users can still use their bank accounts to transact with the exchange as the Unisend accounts aren’t set to close until later this week.

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Later on as the Bitcoin exchange claims it will have alternative arrangements to facilitate the payment processing, the customers won’t face trouble. In his conversation to media Jose Rodriguez said that he thinks it was mostly for users to keep their money safe elsewhere, and not the Argentinian peso.

He added that Bitcoin users feel safer in Bitcoin due to high inflation, unknown economic forthcomings, bank restrictions and capital control, restricting free movement of capital. ForexMinute earlier reported yesterday about Argentina emerging as the ideal country for the digital currency.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com