Portuguese banks shutting crypto accounts citing risk management concerns
The Bank of Portugal has licensed all of the exchanges that have had their accounts closed, including Criptoloja, Mind The Coin and Luso Digital Assets. Several large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to "risk management" concerns, suggesting a shift in Portugal's pro-crypto position. The country's central bank appears to have given the financial institutions the green light to take action.Several of Portugal's top banks recently closed the accounts of CriptoLoja, the country's first cryptocurrency exchange to obtain a license to....
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Major Portuguese banks have started closing or refusing to open accounts for cryptocurrency platforms such as exchanges, according to media reports. The move threatens to tarnish the country’s image as one of Europe’s most crypto-friendly destinations, a haven for bitcoin enthusiasts.
Portuguese Crypto Firms Hit by Bank Account Closures
Portugal, a leading European crypto hub, is risking the loss of its attractiveness for crypto businesses and talent working in the industry as some of its largest banks are now closing accounts of companies operating with digital....
The U.S. Federal Reserve Board has issued new instructions for banks engaging in crypto asset activities that include running their plans past their Fed supervisor. The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers, staff and the banks they supervise regarding activities with crypto assets. The letter covers the preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities.The letter, signed by the directors of the regulatory and community affairs....
The ACCC has begun investigations into Australia banks, as they have recently shut down the bank accounts of several Bitcoin companies stationed in Australia, including exchanges such as Bit Trade and Buyabitcoin. While both sites seem to be functioning at normal capacity at the time of writing, motive behind the bank’s actions remains a mystery. With no explanation why, it has been reported that 13 accounts have been closed with 17 other Bitcoin companies having received similar letters. The letters were reportedly from Westpac Banking Corporation and Commonwealth Bank of Australia, but....
Australian banks have advised Australian bitcoin companies they are closing their accounts, according to The Australian Financial Review. The publication has seen the letters from Westpac Banking Corporation and Commonwealth Bank of Australia. Ron Tucker, chairman of The Australian Digital Currency Commerce Association, said all large Australian banks were shutting the door on bitcoin companies. The banks sent letters to Australian bitcoin exchanges, including Bit Trade and Buyabitcoin. The letters said the banks will close the exchanges' accounts and did not give any explanation. At least....
In February, the CBN banned banks from servicing crypto exchanges in the country, citing concerns including volatility, money laundering, and the financing of terrorism. The Central Bank of Nigeria has reportedly ordered all commercial banks in the country to freeze accounts with at least two individuals engaged in crypto trading.According to a Nov. 7 report from Nigerian news outlet Peoples Gazette, the Director of Banking Supervision, J.Y. Mammanand, issued a notice directing the central bank to close the accounts of two alleged crypto traders and move their funds “in suspense accounts.”....