In Portugal, banks stopped working with cryptocurrency platforms

Portuguese banks have announced the termination of cooperation with cryptocurrency exchanges — all because of «risk management».

As it has become known, some of the largest banks in Portugal, namely Banco Comercial Portugues, Banco Santander, Caixa Geral de Depósitos, BiG, and Abanca, have closed accounts belonging to four crypto exchanges (Cryptoloja, Mind The Coin, and Luso Digital Assets, the fourth wished to remain anonymous). The Governor of the Central Bank of Portugal said that the country’s financial institutions have the right to do whatever they see fit and what their powers allow.

The reaction of the cryptocurrency community is currently unknown. Interestingly, at the end of June, Portugal was included in the list of the most cryptocurrency-friendly countries, ranking first in terms of the lowest taxes on digital assets in the world.