Portuguese Banks Begin Closing Of Crypto Accounts, Cites Risk Management Issues

Aug 5, 2022

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Portuguese Banks Begin Closing Of Crypto Accounts, Cites Risk Management Issues

Originally posted here.
By: Adewumi Victor

Overview

All exchanges that have had their accounts terminated, including Criptoloja, Mind The Coin, and Luso Digital Assets, have been licensed by the Bank of Portugal. Several prominent banks in Portugal are shutting bitcoin exchange accounts due to “risk management” concerns, indicating a reversal in Portugal’s pro-crypto stance. Portugal’s central bank seems to have given the financial institutions permission to act.

Several of Portugal’s leading banks recently canceled the accounts of CriptoLoja, the country’s first licensed cryptocurrency exchange. According to Bloomberg, BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos, BiG, and Abanca have closed accounts …

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