SurBitcoin Venezuala Limits Operations due to Banking Issues

SurBitcoin, the Venezuelan Bitcoin exchange is currently operating in a limited capacity due to few issues with its banking service provider. The limited service is expected to affect the platform’s customers until the issue with the banking providers is sorted out.

Surbitcoin, venezuela

Surbitcoin, venezuela

According to Rodrigo Souza, the Founder and Core Developer at BlinkTrade who took to Reddit to explain the situation — SurBitcoin has suspended fiat operations on the platform at the moment as Bansenco Bank, its banking service provider has frozen the account belonging to it. Attempts to investigate the reasons behind Bansenco Bank’s actions uncovered that one of the customers with the intention of scamming had submitted a claim, requesting the bank to reverse his wire transfer made to SurBitcoin. While the intention behind the person’s actions is still unclear, the fraud department at Bansenco Bank didn’t wait to find out.

Rodrigo says that SurBitcoin managed to uncover the reason being their frozen bank accounts only after speaking to the fraud department as everyone else, including the bank managers were clueless about it. While SurBitcoin negotiates with Bansenco Bank to get its funds released, the company doesn’t want to completely disrupt bitcoin trading. So, it continues to execute Bitcoin sell orders at the moment.

SurBitcoin users can still bitcoin over SurBitcoin and trade it on other platforms like LocalBitcoins, a peer to peer over-the -counter bitcoin payment platform. However, there is no definite timeline for the resolution of banking issue available as of now. Rodrigo also informed the social media users about his decision to make the bitcoin community aware of recent developments with the platform in person instead of allowing rumormongers to come up with their own versions of stories which may end up harming the reputation of the exchange.

SurBitcoin is part of BlinkTrade, a blockchain company that also operates FoxBit exchange in Brazil, UrduBit in Pakistan, ChileBit in Chile and Vbtc in Vietnam.

Ref: Reddit | Image: SurBitcoin on Twitter