For example, India is a very hostile country towards cryptocurrencies, and cryptocurrencies are much closer to a blanket ban than a country like the United States, which is relatively friendly towards cryptocurrencies, or Portugal, which until very recently had an attitude positive towards digital. assets, but it seems that this situation is changing, which worries investors and stock markets in Portugal, but also the entire market.
According to the latest information, Portugal could permanently change its stance in favor of cryptocurrencies. This is related to the fact that in recent days different banks in Portugal have made the decision to close some cryptocurrency exchange accounts in the country.
As reported by other digital outlets, 3 digital asset exchanges suddenly closed their bank accounts. It should be noted that the three exchanges that have been reported so far had an operating license issued by Portugal’s own central bank. Furthermore, the exchanges claim that the closure of their accounts was carried out without prior notice and without any explanation as to the reasons for the closure.
The banks involved in this situation, at least until now, are the Banco Comercial Portugués, which is none other than the largest listed bank in the country. The latter is joined by Banco Santander, and the two were in charge of closing the bank accounts of CriptoLoja, which is a cryptocurrency exchange, which was only authorized by the Bank of Portugal last year, and in fact, it was the first in the country to do so. do it
All cryptocurrency exchange accounts in Portugal could be closed
The main complainant 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 of the sort. He affirms that other banks, less important than the Portuguese Commercial Bank and the Santander Bank, had also closed the accounts of the exchange.
The banks, apart from not trusting the laws of the State and not working with the regulator, also provide a poor service to the marketing of the Country.https://t.co/5WIFn6ZOcX
– Pedro Borges (@Fundanus) August 3, 2022
Pedro Borges has so far decided to keep the other banks that made this decision a secret, but what he revealed is that they did not give an explanation for the closure of the accounts either.
And if the CriptoLoja case is currently the one that has caused the most commotion, in reality it is not the only one, nor the first. According to data presented in a recent report, Luso Digital Assets and Mind The Coin are other platforms that have also had problems with traditional banking institutions in the country. They assure 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 they closed his accounts 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 their accounts.
Or state allows an activity. It creates specific legislation placing activity under differentiated regulation and supervision, not against the Bank of Portugal….https://t.co/3NvYc0bhT6
– Pedro Borges (@Fundanus) August 3, 2022
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 statement to the interested parties the reason why they closed their accounts.
And if we take into account the security standards of these banking entities, it is likely that the reasons for closing accounts are related to certain suspicious operations or the apparent risks that this type of account may present.
The fact is that although it seems to be a multifactorial problem, in reality the reasons for the banks’ decision have not been reported. At the moment, the situation is going to get a little more difficult for the crypto market in Portugal, and although there is no more information on the position of the banks involved, it is expected that they will soon report on the reasons for the closures. of exchange accounts.
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