Portuguese Banks are Closing Crypto Exchanges’ Accounts

Poruguse banks began closing accounts that belong to crypto exchanges, citing ‘risk mangement’ as the main reason for the closures. Portugal gained its reputation for welcomg cryotocurrency exchanges as no tax is imposed on crypto earnings.

These banks are Banco Comercial Portugues (BCP), Banco Santander, Caixa Geral de Depósitos, BiG, and Abanca. At least 4 crypto exchanges had their accounts closed according to recent reports.

All the exchanges are registered with the central bank of Portugal. These exchanges are Criptoloja, Mind the Coin and Luso Digital Assets. The 4th exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more…