LISBON, Portugal—Some cryptocurrency exchanges are seeing their accounts closed by some of the top banks in Portugal, which is a crypto-friendly country.
Most recently, the account of a Lisbon-based crypto trading platform, CriptoLoja, was closed by Banco Commercial Portugues, the biggest listed bank in Portugal. The CEO and founder of the exchange, Pedro Borges, also said that Banco Santander has initiated a similar move, CoinPedia reported.
“Apart from this, two other small banks have also closed accounts with CriptoLoja without any official explanation. Two other crypto exchanges have also faced similar difficulties like CryptoLoja with banks closing their accounts,” CoinPedia stated. “The regulators around the world are concerned about investors’ risks and money laundering issues, so they have been ramping up their efforts.”
Banco Commercial said its duty is to inform authorities whenever there is a “suspicious transaction.” Similarly, an executive of Banco Santander said that the lender acts in “accordance with its perception of risk,” CoinPedia reported.
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