Portuguese Banco Santander Totta tried to block the operations with cryptocurrency
This week, CCN reported that the Portuguese branch of Spanish Bank Santander, Banco Santander Totta, block transactions related to bitcoin. The financial institution has blocked the transaction, arguing that the cryptocurrency exchanges have their operations with unregulated financial products. After the negative reactions of customers, the Bank has receded and is now again handles these transactions.
Describe in greater detail. Banco Santander Totta suddenly started to block transactions with popular crypto-currency exchanges such as Bitstamp and Coinbase. The Bank employee even showed CCN the existing internal Directive commands to block transactions with IBAN Coinbase. And it is the arbitrariness of the management of Banco Santander Totta has occurred in spite of recent permission for cryptocurrency transactions from the Central Bank of Portugal (BdP).
The actions of the Bank’s management has forced many customers to close accounts and switch to other banks remaining sued the organization for consumer protection DECO. Responding to the claim of customers of the Bank, harshly reprimanded the Bank stating that he does not have “no known legal basis” to block transactions related to the cryptocurrency.
Such a harsh response customer and regulatory services, made the Bank management to release a press statement in which it stated that the Bank did not take any measures against cryptocurrency or cryptocurrency users. The Bank added that was only overseen the operations of its clients to ensure their compliance with current regulations.
Here’s what it says in the address:
“Banco Santander Totta did not take any measures against cryptocurrency or those working with them ( … ) and, therefore, unable to comment on the activities of their clients. Banco Santander Totta confirms that he has followed all the operations within its sphere, always complying with the Supervisory rules, and regulations applicable to each specific case”.
According to the local edition of ECO, the Bank resumed transactions with cryptocurrencies as at least one customer has confirmed that he was able to transfer the funds to Coinbase. This seemingly marks a victory for bitcoin in the country, as, according to the publication, the Bank now allow transactions related to bitcoin exchanges.
Various owners and investors of bitcoin have already signed the petition which will be sent to the Portuguese Parliament, as soon as you collect 1,000 signatures. The petition alleges that the actions of the Banco Santander Totta threatened to save the economy “in Portugal at the level of the middle Ages”, and accuses the Bank that it has not acted in the interests of their clients.