Portuguese banks shut accounts of crypto exchanges

Portugal’s big banks have reportedly begun closing the accounts of cryptocurrency exchanges.

The banks cite “risk management” concerns, suggesting a shift in Portugal’s pro-crypto position.

Several of Portugal’s top banks recently closed the accounts of CriptoLoja, the country’s first cryptocurrency exchange to obtain a license to operate.

Bloomberg reports that at least four domestic cryptocurrency exchanges have seen their accounts shut by BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos, BiG, and Abanca.

All the exchanges are licensed by the Bank of Portugal, which regulates domestic cryptocurrency trading platforms.