Government Bodies Will Not Help Crypto Companies

Polish Bitcoin Association issued a letter to the Office of Competition and Consumer Protection requesting their assistance of crypto companies 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 crypto company’s currency-related business (for example you run a trading platform). Even if a bank decides to open such an account, soon enough it is closed.

Needless to say, such a 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 the consumer in defending their rights, sent a reply, and it was negative. The Commissioner for Human Rights, who received a similar request for assistance, did not decide to intervene either.

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