The Portuguese crypto exchanges are affected by the closure of bank accounts

Photo - The Portuguese crypto exchanges are affected by the closure of bank accounts
Portuguese media report that several massive banks have started closing crypto exchanges’ accounts.
Only some affected companies are currently known: CryptoLoja, Mind The Coin, and Luso Digital Assets. The main reason for this decision is the risks associated with managing such capitals.

The Central Bank of Portugal refuses to make comments at this time. Since the licensing of crypto exchanges was launched last year, journalists and analysts do not exclude the possibility that the closure of accounts occurs with the permission of the Central Bank of Portugal.

The first banks to close accounts were BCP (Banco Comercial Portugueses), Santander Bank, Caixa Geral de Depósitos, BiG and Abanca. Banco Comercial Portugueses management reports that the closure of CryptoLoja accounts was a response to suspicious transactions. Pedro Borges, the co-founder of the affected company, denies this information and states that the company always reports such cases to the authorities.

This conflict may indicate that the country’s authorities have decided to change their attitude towards cryptocurrency exchanges. It is worth noting that most recently, Portuguese authorities rejected two tax proposals applied to crypto investors.

Portuguese crypto exchanges are not the only ones to suffer. Recently, many countries have started showing a strong interest in cryptocurrencies and are attempting to control crypto exchanges.