Lemon users have reported some issues in operations with BBVA and Santander. From the company, they assure that they work with most of the banks.
Borja Martel Seward, CCO, and co-founder of the Argentine exchange Lemon Cash denounced through his Twitter account that two banks blocked or directly blocked the operations of the company’s clients.
In the publication through which he made the event known, Martel, details that first it was with Ualá and now also with Lemon and said they are dinosaurs that one day would be going to compete. Martel then tagged the chairman Pierpaolo Barbieri, CEO of Ualá, along with the phrase “Let’s go all together, baby!”
In the screenshots that the businessman revealed, you can see a message of conditional operation by the bank BBVA. Meanwhile, another image of the Santander bank app highlights a rare activity that cannot get carried out.
CCO said that seeing two users who had intermittent service with CVU is annoying because only a Few banks have problems. He also pointed out that while remarking that the most important thing for the firm is that users and the entire community should have the freedom to move money wherever they want.
The Central Bank of Argentina Has Exchanges in the Magnifying Glass
The situation that Borja Martel highlighted in social networks is a situation that has been happening for quite some time. At that time, The directive of the Central Bank of the Argentine Republic for traditional banks was way more strict with this type of companies to discourage the proliferation of those entities that do not desire to comply with the legal requirements of the sector.
Considering that Lemon has just launched a VISA debit card that works both in Argentina and abroad, it seems almost impossible to fit into the latter category of firms designated by the BCRA. However, its operations in traditional banks got harmed in the same way.
Same Situation in other South American Countries
Of course, Argentina is not the only country where conflicts of this style have happened between exchanges and banks. Colombia is another precedent for this type of problem, even when the problem would get resolved by 2022, as reported Jorge Castaño, head of the Financial Superintendence of Colombia.
During 2018, exchanges with activities in Brazil faced a similar situation. In addition to the closing of profiles, these companies also faced the dismissal of their complaint by the regulator. As in the case of Lemon in Argentina, Banco Santander was also one of many other entities that had taken this measure.
By: Jenson Nuñez
