Portuguese banks stop providing services to cryptocurrency exchanges.

Several Portuguese banks have started closing accounts belonging to cryptocurrency exchanges for “risk management” reasons. Yet it appears that the country’s central bank has also authorized financial institutions.

A long list of Portuguese banks are closing cryptocurrency exchange accounts.

According to report express and Newspaper from Negotiations and Bloomberg, some of the major Portuguese banks are closing cryptocurrency trading accounts in Portugal.

The exchanges are all registered with the Central Bank of Portugal, which controls the national cryptocurrency trading platform. The identity of the exchanges was revealed: Crittoloja, Mind The angle e Use Digital Resources, Santander .

In fact, Portugal has earned a reputation as a cryptocurrency haven, as it does not impose capital gains tax on cryptocurrencies. But in recent months, the government and the financial sector seem to have done so wanted to regulate the crypto in agreement with other EU nations.

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The reason for the closure related banking risk management

Recall that Portugal’s central bank allegedly stated that financial institutions have the power to do so do what they wanted. However, he added that he would observe the case closely. Therefore, the decision will depend in this case on the risk management policies that each banking institution has in place.

A spokesperson for Santandermeanwhile, he added that he usually acts “According to his perception of risk” and that decisions to close, open or keep accounts depend on “many factors.

CryptoLoja he reportedly explained that he always complied with the money laundering protocols as they should. He stressed: “We now have to rely on the use of accounts outside of Portugal to manage the exchange.”

Mind You Angle he said his accounts were closed earlier this year. He added that his efforts to open accounts with other national lenders had also proved unsuccessful. Use Digital Resources reported a similar situation.

pedro Guimaraesthe founder of Mind You Coin, he was quoted as complaining: “Although there is no official explanation, some banks simply tell us they don’t want to work with them crypto. It is nearly impossible to start a business from crypto today in Portugal.

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