Consumer Protection Association Slams Bank for Blocking Transfers to Bitcoin Exchanges

From Israel to Australia, commercial banks in various parts of the world have tried preventing people from entering the cryptocurrency market by blocking money transfers to bitcoin exchanges. Now the largest consumer association in Portugal has called out a local bank for trying to do the same.

Banco Santander Totta

Founded in 1974, DECO is an independent non-profit association with charity status. It is the largest consumer association in Portugal and has been afforded the status of ‘public utility’. Hopefully its position will help clients make Santander Totta reverse its policy towards transfers to bitcoin exchanges.

Banco de Portugal

The consumer association has determined this action has no legal support basis in Portuguese or European Union laws.

The Portuguese central bank, Banco de Portugal, said that there is no regulatory framework established in the country for virtual currency exchange platforms and its supervisory activity does not include actions related to this specific operational reality, essentially meaning that the central bank hasn’t issued any guidelines instructing banks not to approve money transfers to accounts of bitcoin exchanges. Additionally, at least one other Portuguese commercial bank, Novo Banco, commented to DECO that it has no current restrictions in place to inhibit these operations.

Should any banks be allowed to decide on their own that they are blocking transfers to bitcoin exchanges' Tell us what you think in the comments section below.



The post Consumer Protection Association Slams Bank for Blocking Transfers to Bitcoin Exchanges appeared first on Bitcoin News.

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