2022-08-08 09:00:00

Portuguese Banks Shut Cryptocurrency Trading Accounts, According to Media Reports

Portugal, a major European cryptocurrency hotspot, risks losing its attraction to crypto enterprises and expertise in the sector as several of its biggest banks close accounts for firms that use virtual currencies.



Last Thursday, Banco Comercial Portugues and Banco Santander closed all of Criptoloja’s accounts in Lisbon. The decision comes after two smaller banks decided to cancel the system’s accounts.



In both of these incidents, the crypto entrepreneur stressed that no formal explanation was provided. 



Meanwhile, according to Jornal de Negocios, the state-owned Caixa Geral de Depositos and the Lisbon-based BiG have begun refusing or deleting cryptocurrency exchange accounts.



According to the article, at least two additional cryptocurrency brokers have closed their bank accounts this year. 



Mind the Coin has been difficult to register an account for months, and rival Luso Digital Assets’ officials have reported that some of their accounts have been locked down.



Lenders who decline to cooperate with crypto firms cite anti-money embezzlement and customer-due-diligence regulations as the primary reasons.



This year, three of the five coin marketplaces allowed by Banco de Portugal have closed their accounts. 



While it is unknown whether the pattern hurts other enterprises in the sector, it could be a symptom of a hardening atmosphere in Portugal. It enticed crypto fans with its 0% tax on crypto profits, low daily expenses, and mild climate.




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