Portuguese Banks Are Closing Crypto Exchanges Accounts

Commercial banks in Portugal have begun to close accounts owned by cryptocurrency exchanges. According to credit institutions, they are doing so because investments in digital assets are associated with high risks.

The Central Bank of Portugal has not yet reacted to the information. However, representatives of the media and business do not exclude that the regulator itself could unofficially allow local banks to suspend servicing accounts of cryptocurrency platforms.

CriptoLoja, a local crypto exchange, has confirmed its bank accounts have been closed. In addition, four more platforms have lost access to their accounts.

The largest banks in the country, BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos, BiG and Abanca are actively shutting down crypto exchange-related accounts.