Chat with us
on Telegram

Finnish Crypto Exchange Collapse As Banks Refuse to do Business.

Suzette Paulsen

Suzette Paulsen

March 12, 2018 4:28 pm

Finnish Crypto Exchange Collapse As Banks Refuse to do Business. | Coindelite News
4280 Total Views

Exchange falls since the Banks Refused to do Business with it

Finnish cryptocurrency exchange and crypto wallet services provider Prasos Oy is getting “frozen” since most Finnish banks have rejected to conduct business with them.

Prasos, founded in 2012, has seen a massive number of transaction volumes through $185 mln in 2017 and became a subject of concern among the banks.

Finnish banks do not have any set of regulations circling cryptocurrencies, and the anonymous nature of cryptocurrency transactions could probably run of current Finnish anti-money laundering laws (AML). Due to this, four banks; S-Bank, the OP Group, Saastopankki, and Nordea Bank AB has stopped Prasos Oy’s accounts in 2017. So now, Prasos has to manage all its clients’ transactions through one bank.

Tomi Narhinen, CEO of Saastopankki said:

“In most cases, it’s practically impossible or at least tough to do business with cryptocurrency dealers and exchanges, because it can be impossible to determine the origin of the funds.”

Prasos’ CEO Henry Brade stated:

“The risk is that we’ll see our last bank account closed before we can get the next one opened, that would freeze our business.”

Brade mentioned that the company has fully adapted AML measures, and it expects the authorities to form the necessary regulations.

Brade Included:

“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business is not under regulatory obligations.”

Venezuelan Petro Cryptocurrency to be banned by Trump

Trump bans the Venezuelan Petro Cryptocurrency President Donald Trump signed an executive order on March 19, 2018, barring American citizens and residents from investing and transacting digital currencies or tokens knotted to the Venezuelan government that was issued on or after January 9, 2018. The executive order mainly targets the …

G-20 Regulators said: Bitcoin move ahead $8,400 after news that “could have been bad”

Bitcoin surpasses $8,400 mark after news that “could have been worse” said G-20 Regulators Bitcoin prices recouped above $8,500 Monday as international regulators took a tempered strategy to cryptocurrency regulation ahead of G-20 meeting Tuesday. The Financial Stability Board, an international watchdog that runs financial regulation for g-20 economics, held …

Twitter to Ban Cryptocurrency related ads due to the Regulatory concern

An unconfirmed report says that Twitter would Ban Cryptocurrency related ads According to the report, Twitter is considering to implement a ban on Cryptocurrency-related advertising in two weeks. Twitter has not responded to any request for the confirmation regarding the crypto ad ban. Twitter announced crypto ad ban would come …

Pin It on Pinterest

Share This