SurBitcoin, the largest Bitcoin exchange in
Venezuela, will officially resume fiat-to-Bitcoin trading by next week after solving its disputes with a major Venezuelan bank, Banesco.
On Feb. 3, for the first time since its launch in
August 2014, SurBitcoin
suspended trading for all of its users as Banesco, Venezuela’s largest bank with a market share of 14.2% percent, abruptly shut down the bank account of SurBitcoin. The bank told operators of SurBitcoin that Venezuelans aren’t allowed to utilize the national currency, the Bolivar, to trade Bitcoin.
Miners arrests
For over three weeks, SurBitcoin was forced to suspend its operations and temporarily put an end to fiat-to-Bitcoin trading whilst attempting to come to a resolution with Banesco. The temporary suspension of SurBitcoin coincided with the local government’s
crackdown on Venezuelan Bitcoin miners, who were arrested for utilizing the country’s resources, such as electricity, for mining Bitcoin.
A few mining centers, including a major establishment in Valencia, were shut down and dismantled by local authorities and tension arose between Bitcoin companies, users, miners and the local government.
At the time, in a letter to its users, SurBitcoin reassured traders on the platform that the exchange will be able to resume services within a few weeks, as soon as the exchange updates its infrastructure with new improvements and security measures in order to be compliant with local regulations on financial institutions and money transmitting companies.
Exactly 19 days since the announcement of the suspension, SurBitcoin announced that the exchange will be able to resume fiat-to-Bitcoin trading for all of its users by next week. SurBitcoin emphasized in an official statement on its social media account that th