Government body will not help crypto companies

Polish Bitcoin Association issued a letter to Office of Competition and Consumer Protection requesting their assistance with dealing with Polish banks. In several commercial banks in our country it is extremely difficult to open and maintain an account if you are a cryptocurrency-related business (for example you run a trading platform). Even if a bank decides to open such account, soon enough it is closed.

 

Needless to say, such policy makes it very difficult for companies that have anything to do with virtual currencies to do business, as operating without an active bank account is nowadays nearly impossible. The government body, whose purpose is to assist consumer in defending their rights, sent a reply, and it is negative. Commissioner for Human Rights, who received a similar request for assistance, did not decide to intervene either.

 

Is cryptocurrency or cryptocurrency-related business activity illegal in Poland? By no means. Why is it, then, that Polish banks do not want to have anything to do with bitcoin and its clones? Banks point to the fact that virtual currencies can be, and often are, used for illegal activity. This is the stance of e.g. Bank Zachodni WBK (today operating under the Santander brand). The bank accepts that their clients, as individuals, may pay for bitcoin using funds in their accounts. However, maintaining a company account for a crypto business is a whole different issue. WBK admitted they close accounts on the basis of the provisions against money laundering.

 

A few months ago, Financial Supervisory Authority together with National Bank of Poland issued a press release warning about the dangers of virtual currencies, such as loss of assets due to cyberattack and not being covered by Bank Guarantee Fund. The financial bodies also warn against cryptocurrency financial pyramids. The informative action may have had an impact on Polish banks’ policies regarding cryptocurrency trading.

 

 



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