Consumer Protection Society has criticized banks for stopping the transfer to the Bitcoin Exchange

nRunaway Comment: Banco Santander Totta S.A., Portugal’s fourth-largest bank, banned customers from bank accounts linked to the cryptocurrency exchange, raising protests from the National Association of Consumer Protection. High institutions are philanthropic, non-profit organizations that hoping to prompt banks to cancel the move, while the country’s central bank said no regulatory framework has been put in place for the activity so it can be argued that banks can not ban clients from such activities.n
nTranslation: Annie_Xun
From Israel to Australia, commercial banks around the world are trying to deter people from entering the cryptocurrency market by barring transfers to bitcoin exchanges. Now Portugal’s largest consumer association has started protesting similar moves at local banks.n
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Santander, Spainn
Portugal’s Consumer Protection Association (DECO) opposes Banco Santander Totta S.A., the nation’s fourth-largest bank. The objection was caused by the assertion by Bank of Portugal customers that banks are forbidding them to make inter-bank transfers to the linked bitcoin exchange’s accounts. The association has confirmed that bank banks did take such policy measures, but did not have any legal basis to support the move.n
DECO, founded in 1974, is an independent, not-for-profit organization that is charity in nature. This is the largest consumer association in Portugal and is given the status of “public utility.” Hopefully, its position will help clients to get Santander Totta to withdraw its bitcoin exchange transfer.n
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Bank of Portugaln
The transfer of Santander Totta’s account to Coinbase Estonia’s bank account was declined and the DECO Association asked the bank for a reason to prohibit the transfer. The bank initially avoided the problem, but eventually the answer was forbidden because of the “unregulated virtual currency.”n
The association has determined that this measure does not have the legal basis of Portugal or the European Union.n
Banco de Portugal, the country’s central bank, said the country has not yet set a regulatory framework for the virtual currency trading platform and its regulatory activities do not include any activities related to the actual operation, that is, the central bank has not banned banks through any formal guidance Transfer to Bitcoin Exchange account. In addition, at least one Portuguese commercial bank, Novo Banco, told DECO that there are no binding rules prohibiting these business operations.n

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