Some banks in Portugal have started closing down accounts of cryptocurrency exchanges operating within the country.
According to a report by ‘Coinpedia’, this may not be unconnected to the fear expressed regarding the industry by some financial institutions across the world.
“the regulators around the world are concerned about investors’ risks and money laundering issues, so they have been ramping up their efforts.”
One such financial institution,’ Banco Commercial’ said that the lender acts in “accordance with its perception of risk.”
Another firm, ‘Banco Santander’ confirmed that the account of a Lisbon-based crypto trading platform, CriptoLoja, was closed by Banco Commercial Portugues, the biggest listed bank in Portugal.
The report added that the recent move by Portuguese banks has affected some of the top crypto exchanges in Portugal, which already have licenses from the central bank.
“Portugal became a haven for crypto firms, due to zero taxes on capital gains and traders have set up their base there. However, there could be a possible shift and toughening of the crypto environment in Portugal,” it said.