Is cryptocurrency legal in Colombia?

Colombia’s restrictive legal environment towards virtual currencies suggests it is challenging to operate a cryptocurrency business within the country. The Financial Superintendence of Colombia (SFC) has virtually prohibited banks from providing financial services to cryptocurrency companies.

What is the best cryptocurrency exchange in Colombia?

Bybit is our top pick for the best cryptocurrency exchange in the country, offering a user-friendly platform accessible to investors in Colombia and 150 other countries. Their platform is widely regarded for its compatibility with local banks and payment methods like Bancolombia S.A for Colombian Pesos (COP).

Why did a cryptocurrency exchange shut down in Colombia?

For example, a cryptocurrency exchange named Colbitex lasted only a week before shutting down due to “authorities obstructing its operations.” Furthermore, Colombia’s warnings of the risks associated with virtual currencies have caused some crypto-related businesses to cease operations.

Is eToro a good crypto platform in Colombia?

eToro ranks second for crypto platforms in Colombia and excels in multi-asset investing, offering a wide variety of assets including cryptocurrencies, shares, commodities, currencies, indices, and ETFs. The platform features advanced social trading options like Copy Trading and a Virtual Account with $100K in demo funds.