Mass closure of crypto exchange platform bank accounts

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, which is relatively crypto-friendly, or Portugal, which until recently had a positive attitude toward digital assets, but it seems that this situation is changing, which worries investors and stock exchanges in Portugal, but also the whole market.

According to the latest information, Portugal could permanently change its pro-cryptocurrency stance. This is related to the fact that in the past few days, various banks in Portugal have made the decision to close some crypto exchange accounts in the country.

As other digital media reported, the bank accounts of 3 digital asset exchanges were suddenly closed. It should be noted that the three exchanges reported so far had an operating license issued by the Portuguese Central Bank itself. Furthermore, the exchanges claim that the closure of their accounts was carried out without any prior notice and without any explanation of the reasons for the closure.

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

All cryptocurrency accounts in Portugal could be closed

The most important whistleblower so far is Pedro BorgesCo-founder of CriptoLoja, the cryptocurrency exchange that received the first operating license issued by the Central Bank of Portugal and whose accounts were also closed.

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

Pedro Borges has so far decided to keep secret the other banks that made that decision, but what he revealed is that they have not issued a statement closing the accounts either.

And if the CriptoLoja case is currently the one that has caused the most excitement, it’s actually not the only one, and it’s not the first either. 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 claim that their accounts were closed without any further information.

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

No reaction from the banks

One of the strangest things is that so far none of the banks that have closed the accounts of the cryptocurrency exchanges have publicly or through a notice to the individuals concerned given the reason why they closed their accounts. .

And if we consider the security standards of these banking institutions, it is likely that the reasons for closing accounts are related to specific suspicious transactions or the obvious risks that these types of accounts can pose.

In fact, while it appears to be a multi-factor issue, the reasons behind the banks’ decision have not actually been reported. At the moment the situation for the crypto market in Portugal is getting a bit more difficult and although there is no further 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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Kaddouri Ismail

I am Ismail from Morocco, I work as a blogger and online marketer. I am also the founder of the “Mofid” site, in which I constantly publish many important articles in the field of technology, taking advantage of more than 5 years of experience working in the field. I focus on publishing in a group of areas, the most important of which are programming, e-marketing, digital currencies and freelance work.

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