Portuguese Banks to Close Accounts of Cryptocurrency Exchanges

Europe has never been open to talks when it comes to regulating cryptocurrencies, the region has clear-cut rules to which all the crypto exchanges and decentralized elements must comply, or otherwise, it is game over for them.

Portugal could be seen as pro-crypto in the past couple of years, but a lot has changed since the UK took an exit from Europe; the regulatory infrastructure has become more subtle and less forgiving. Recently enough, the regulatory stance of Portugal has changed towards the working of crypto exchanges and their activities in general.

Banks are Facing Regulatory Pressure Regarding Crypto

Recently, one of the most esteemed crypto exchanges in the country by the name of CriptoLoja, saw its accounts completely frozen and cut off from various small banking segments. And a few big guns have also come forward, such as the Banco Santander and the Banco Comercial Portuguese, as they have also closed down the accounts for the said firm without issuing any warning of any kind.

And this is not only this specific crypto exchange that is experiencing the full regulatory wrath of Europe; there are others as well.

According to a recent regulatory change, each and every bank dealing with the accounts of the crypto exchanges out there has to tell or call on the authorities for any suspicious activity that is taking place in the name of that specific exchange. A few red flags were waived back in the day pertaining to the firm that has seen its accounts all closed down; hence the brutal step these banks have taken to completely shoot it down.

Recently, the CEO of the affected crypto exchange Pedro Borges has come forward in the spotlight to clear it out that the company has been following all regulatory elements and compliance issues closely with the regulatory authorities. And that this crackdown against the firm, singling them out to be made an example, seems a bit biased.

One thing that should be noted here is that the firm had a license from the Portuguese government to operate within and outside of its borders, and such strict action seems only suspicious.

All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.

Leave a Reply

Your email address will not be published. Required fields are marked *