Mass closure of bank accounts of crypto exchange platforms in Portugal!

As things get a bit more complex for the cryptocurrency market, it was to be expected that regulators and banks around the world will take a keen interest in cryptocurrencies. This has happened in different countries, and since each country has a different view of cryptocurrencies, the approach they take to these changes is different.

For example, India is a very crypto-unfriendly country, and cryptocurrencies are much closer to a blanket ban, than a country like the United States that is relatively crypto-friendly, or the Portugal, which until very recently had a positive attitude towards digital assets, but it seems that this situation is changing, which worries investors and exchanges in Portugal, but also the whole market.

According to the latest information, Portugal could definitely change its pro-cryptocurrency stance. This is related to the fact that in recent days different banks in Portugal have taken the decision to close some crypto exchange accounts in the country.

As reported by other digital media, 3 digital asset exchanges have had their activated accounts shut down. It should be noted that the three exchanges that have been reported so far had an operating license issued by the central bank of Portugal itself. Furthermore, the exchanges claim that the closure of their accounts was carried out without any notice and without any explanation as to the reasons for this closure.

The banks invested in this situation, at least so far, are Banco Comercial Portugues, which is none other than the largest publicly listed bank in the country. The latter is joined by Banco Santander, and the two were responsible for closing the bank accounts of CriptoLoja, which is a cryptocurrency exchange, which only last year was authorized by the Bank of Portugal, and in fact, was the first in the country to do so.

All cryptocurrency exchange accounts in Portugal could be closed

The main whistleblower so far is Pedro Borgeswho is the co-founder of CriptoLoja, the cryptocurrency exchange that obtained the first operating license issued by the Central Bank of Portugal and also had its accounts closed.

What Borges is saying is that what is happening is not an isolated event, or an error, or anything like that. He claims that other banks, less important than Banco Comercial Portugues and Banco Santander, had also closed the exchange’s accounts.

Pedro Borges has so far decided to keep the other banks who made this decision a secret, but what he revealed is that they also did not give an explanation on the closing of the accounts.

And if the case of CriptoLoja is currently the one that has caused the most excitement, it is actually not the only one, nor the first. According to data presented in a recent report, Luso Digital Assets and Mind The Coin are others that have also had problems with traditional banking institutions in the country. They claim that their accounts have been closed, without further information.

Pedro Guimaraes, founder of Mind the Coin, said he was unable to open an account at any bank in the country after his accounts were closed earlier this year. It should be noted that this platform was also authorized to operate by the Central Bank, but this did not prevent banks from closing its accounts.

No response from banks

One of the most curious things is that so far none of the banks that have closed the accounts of the cryptocurrency exchanges have indicated publicly or through a communication to the persons concerned the reason why they closed their accounts. .

And if we take into account the security standards of these banking institutions, it is likely that the reasons for the closure of the accounts are related to certain suspicious transactions or the apparent risks that this type of accounts may present.

The fact is that although it seems to be a multi-factor problem, the reasons for the banks’ decision have not really been reported. At the moment, the situation is going to become a little more difficult for the crypto market in Portugal, and although there is no further information on the position of the banks concerned, it is expected that they soon report on the reasons for the closures of the accounts of the exchanges.

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