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Portugal Bans Crypto Exchange Accounts - New Trouble for Europe's Crypto Industry?

 


Several major Portuguese banks have shut down crypto exchange accounts held with them. Concerns about “risk management” are given as the reason for this. With Portugal's central bank giving the green light for the closures, the question now is whether this will mean a general shift in the country's open stance.


According to Bloomberg , several large banks have already closed the accounts of CriptoLoja, which was the first crypto trading platform to receive official approval in Portugal. In addition, at least three other Portuguese crypto exchanges are said to be affected by account closures at the banks BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos, BiG and Abanca.


In addition to CriptoLoja, crypto exchanges Mind The Coin and Luso Digital Assets, as well as a fourth trading platform that wishes to remain anonymous, are also facing the sudden closures. Mário Centeno, head of the Central Bank of Portugal, which is responsible for approving crypto companies, emphasizes that the banks have freedom of choice in these cases, after all, the central bank wants to keep an eye on the situation.


The likely reason for the closures, according to Bloomberg, is a lack of compliance with anti-money laundering and countering the financing of terrorism, which could potentially backfire on the banks. For example, banks would be obliged to report "suspicious transactions" to the responsible authorities.


Portugal is actually considered to be one of the most open European countries when it comes to crypto. Against the background of the recent enactment of the European Union’s (EU) crypto regulation projects – manifested in MiCA and ToFR – the question arises as to whether the stricter approach taken by Portuguese banks is anticipatory obedience to the new regulations or whether it is a question of Individual cases are due to misconduct on the part of the crypto exchanges concerned. The new regulation, which is intended to provide more legal clarity in the European crypto industry, could initially mean new trouble for them.

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