• An Argentine exchange complains that banks Santander (MC 🙂 and BBVA are causing problems with its operations.
• Lemon Cash co-founder Borja Martel Seward challenged traditional banks to compete and has called them “dinosaurs.”
• Companies that deal in cryptocurrencies have seen the Central Bank of Argentina tighten their policies.

Borja Martel Seward (Director of Communications) denounced Santander and BBVA as they impeded and blocked his business’ operations.

Martel Seward, a Twitter user (NYSE:), challenged both banks to help his business instead of hindering it.

“First it was with Ualá and now also with Lemon. Perhaps one day, the dinos might be willing to take on humans? ». And he added: “@pbarbieri what do we do about it? Let’s go all together baby!”, Referring to the CEO of the payment processor Ualá, Pierpaolo Barbieri.

Lemon’s CCO published screenshots showing messages from the banks BBVA and Santander, indicating that operations could not be carried out from the App or were conditional.

From the crypto exchanges, there are no more problems with banks. In another comment, Borja Martel said that the virtual bank Brubank “has a great product” and indicated that his company had no problems operating with that entity.

To The Flipside

• According to criptonoticias.com, however, the Central Bank of the Argentine Republic has begun to tighten its regulations with exchanges in the country.

One idea would be to discourage the proliferation of illegal crypto exchanges by imposing additional operating rules for traditional banks in a kind of “witch hunt,” Criptonoticias noted.

Lemon launched an international VISA Debit Card recently so they don’t have to deal with any difficulties. However, the exchange’s operations with traditional banks have been affected.

The Argentine bank authorities have already requested information from crypto exchanges about users moving large sums of money through them.

Colombia and Brazil have similar problems

Similar problems are being experienced in Latin America, and there are obstacles in Colombia. However, the head of the Financial Superintendency of Colombia, Jorge Castaño, reported that next year they will be resolved.

However, cryptocurrency traders in Brazil had to face similar problems in 2018. Their bank accounts were closed and their complaints dismissed by the regulator.

Some Central Banks of Latin American Countries are calling for the regulation of crypto currencies in 2022. Several bills in this area have been introduced to the Brazilian, Colombian and Argentina parliaments.

Miguel Pesce the president of Central Bank of Argentina suggested early in August that cryptocurrencies be regulated. Pesce stated that at that time, the bank was working on strategies to stop novice investors taking unnecessary risks investing in crypto assets.

Leonardo Villar, president of Central Bank of Colombia expressed a similar view. According to the official, “cryptocurrencies are mechanisms that have elements that could be interesting for the future, but that must first be regulated.”

Half of Brazil’s population wants to have legal tender.

What are the reasons to care?

• It is possible that the problems some exchange companies face due to bank authorities’ efforts to combat money laundering or other criminal acts in Latin American nations could end up being temporary.

Normalization of bank operations would follow as cryptocurrency regulations are implemented. To keep their shares of the rapidly growing cryptocurrency market, banks and exchanges will need to cooperate.

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