Some of Portugal’s biggest banks are closing the accounts of digital-currency exchanges, a move that could deal a blow to one of Europe’s most crypto-friendly destinations.
Banco Comercial Portugues, Portugal’s biggest listed bank, and Banco Santander, shut down all of Lisbon-based CriptoLoja’s accounts last week, said Pedro Borges, the exchange’s co-founder and chief executive officer. The move took place after two smaller banks in Portugal also closed the company’s accounts. The lenders didn’t provide an official explanation, he said.
At least two other crypto exchanges in Portugal have also been hit by bank account closures this year. Crypto firm Mind the Coin has been unable to open an account for months after all of its accounts in Portugal were shuttered earlier this year, said Pedro Guimaraes, the company’s founder. Rival Luso Digital Assets also had some of its accounts shut down in Portugal this year, Chief Product Officer Ricardo Filipe said.
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