Portuguese Cryptocurrency Exchanges Take a Hit as Banks Close Accounts

Some of Portugal’s biggest banks are closing the accounts of digital-currency exchanges, a move that could deal a blow to one of Europe’s most crypto-friendly destinations. 

Banco Comercial Portugues, Portugal’s biggest listed bank, and Banco Santander, shut down all of Lisbon-based CriptoLoja’s accounts last week, said Pedro Borges, the exchange’s co-founder and chief executive officer. The move took place after two smaller banks in Portugal also closed the company’s accounts. The lenders didn’t provide an official explanation, he said.