Portuguese traditional banks are slowly closing crypto exchange accounts despite the regulatory approval from the government. The banks fear that crypto accounts might lead to a potential increase in money laundering.
In many countries, the biggest reason for a crypto ban or mass crypto adoption is due to the threat of money laundering. Many governments are too lazy to set new regulations, while others are still implementing the traditional laws to regulate the industry.
Just last week, Portugal-based crypto exchange CriptoLoja’s accounts were shut down by Banco Comercial Português and Banco Santander (SAN). Similarly, the accounts of Mind the Coin and Luso Digital Assets were also closed by the Portuguese banks to prevent them from holding any capital with them.
The crypto exchanges’ directors have openly criticized the banks for preventing them from opening accounts.