Venezuelan Bitcoin exchange Surbitcoin is expected to resume operations this week, enabling Venezuelans to once again use the platform to trade in the digital currency. The exchange announced the resumption of trading in a social media post last week. In that February 22 post, the exchange announced that service would be restored in approximately one week from that date, and asked that customers share the news with their friends and relatives.
The exchange had suspended its operations on February 3, 2017, after its banking partner suspended the Surbitcoin account. That bank, Banesco, had reportedly informed exchange operators that the citizens of Venezuela were prohibited from trading Bolivars for Bitcoin.
After several weeks in which Surbitcoin worked to upgrade its security infrastructure to better comply with local regulatory requirements for money transmission companies and financial firms, Banesco reportedly gave its approval for the exchange to reopen this week.
In the end, the experience may prove beneficial for exchanges in the country, since it demonstrates that financial entities like Banesco can find ways to cooperate with digital currency exchanges. It also serves to provide some level of guidance for other exchanges that might have questions about the type of AML and KYC systems that Venezuelan banks want to see their digital currency exchange customers use.