The company acknowledged that it does not have any license from the SBS linked to the commercialization of crypto assets.
Fluyez Digital Investments S.A.C. reported this Wednesday that it will stop advertising itself as a “crypto bank” and that it will also stop using said term in its next communications, after the Superintendence of Banking, Insurance and AFP (SBS) claimed that the company does not have authorization to operate as a bank.
“We are making it clear that we do not have any license or authorization from the SBS linked to the commercialization of crypto assets, as it is an unregulated activity and outside the scope of the SBS,” said Fluyez.
“Although we have qualified ourselves as a ‘crypto bank’ – adopting a commercial term commonly used in this industry, we have never intended to offer exclusive products or services of companies in the financial system. Without prejudice to this, from now on we will avoid any reference to the term ‘bank’ in our communications and networks,” the company added.
Statement from the Superintendency of Banking, Insurance, and AFPs (SBS) in Lima, Perú
The SBS rules that Fluyez, an exchange house, promotes itself as a bank without authorization. In this regard, he makes several remarks, summarized below.
SBS detailed that Fluyez Digital Investments SAC has registered in the Registry of Companies and Persons that carry out Financial or Currency Exchange Operations of the SBS, as an exchange house, according to SBS Resolution No. 02568- 2021, issued on September 2, 2021.
SBS explains that an exchange house is a company whose aim is to purchase and sell foreign currency, an activity that does not include the commercialization of cryptocurrencies. Therefore, although Fluyez has in fact such registration does not imply that the SBS has granted an “authorization” or “license”, they cannot use such terms in their advertising.
The statement notes that, “Fluyez Digital Investments SAC does NOT have an authorization from the SBS to operate as a bank. Therefore, by using the denomination ‘bank’ or similar, this company is violating article 11, paragraph 4, of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance (Law No. 26702).”
The implications are clear. By not having authorization to operate as a bank, Fluyez cannot promote the collection of savings from the public. Nor can they use SBS logo or name to promote their activities, since these constitute the intellectual property of the supervisor and regulator of the financial system.
Fluyez Replies
The firm indicated that it will be able to “avoid any misunderstanding” after the pronouncement of both the SBS and some organizations related to the financial system.
“A few months ago, Fluyez joined the Spanish exchange Bit2me on its arrival in Latin America. The Bank of Spain, for instance, authorized Bit2me as ‘virtual currency service providers’. The alliance leverages the services of both companies and is a sign of trust and solidity towards us, a fintech that seeks to provide quality services to the entire region. With this union, the implementation of an even safer and more robust ecosystem is guaranteed,” Fluyez explained.
Fluyez, which is part of the Fintech Association of Peru, indicated that it has the support of various national and international investment funds. In that sense, they will soon issue a statement to “promote an in-depth debate on the emerging Blockchain technology and the use case of crypto assets”
“The vision of Fluyez is to become the bridge of trust between the crypto economy of the future and the current financial ecosystem at a national and Latin American level […] Our inspiration comes from the traditional banking system, which helped generations of Peruvians to motorize their economies. We have the desire to develop the crypto universe, but always within the framework of national regulations and the Prevention of Money Laundering and Terrorist Financing”, the company pointed out.
By Audy Castaneda
