Portuguese Banks Start Closing Bitcoin Exchange Accounts

by in Cryptocurrency News


In Portugal, commercial banks have begun to close accounts owned by cryptocurrency exchanges. Credit institutions motivate their decision by the fact that investments in digital assets are associated with high risks.

The Central Bank of Portugal has not yet reacted to the information received, according to Bloomberg.

However, representatives of the media and business do not exclude that the regulator itself could unofficially allow local banks to suspend servicing accounts of cryptocurrency platforms.

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The CriptoLoja exchange has confirmed the closure of its bank accounts. Journalists found that at least four more platforms lost access to their accounts. The service of crypto companies was stopped by the largest banks in the country - BCP, Santander Bank, Caixa Geral de Depósitos, BiG, and Abanca.

Moreover, bitcoin exchanges, which had previously received a license giving the right to work in the country, suffered.

The Central Bank of Portugal launched the licensing of trading platforms in the middle of last year.