Portugal’s BiG Bank Reportedly Halts Transfers to Crypto Platforms
One of Portugal’s largest banks, Banco de Investimentos Globais (BiG), has reportedly suspended fiat transfers to crypto platforms.
José Maria Macedo, co-founder of Delphi Labs, revealed the policy shift and criticized it on X (formerly Twitter).
Macedo’s post included an email sent by BiG to affected customers, citing guidance from the European Central Bank (ECB) and concerns over virtual asset risks.
In the email, BiG informed customers that transfers to accounts associated with Payward Ireland Ltd, the operator of Kraken, would be blocked.
One of the largest Portuguese banks BIG is now blocking transfers to crypto exchanges, citing ECB guidance about "risks associated to virtual assets"🤦
Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain pic.twitter.com/QFTfWCcKdz
— José Maria Macedo (@ZeMariaMacedo) January 7, 2025
The bank cited obligations under anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as the basis for the action.
Macedo decried the decision, arguing that such measures might push more people toward decentralized blockchain platforms.
BiG Bank Turns Its Back To Crypto Platforms: Does This Reflect Portugal’s New Stance?
While BiG’s restriction signals a tightening of cryptocurrency regulations, other Portuguese banks have not followed suit.
A user comment on Macedo’s post suggests that transfers to crypto platforms remain operational through institutions like Caixa Geral de Depósitos, Portugal’s largest bank, and Santander.
So far I’ve been able to on/off ramp with Caixa and Santander, but let me know if you have better recommendations 🫡
— ┻┳ S. ArchΞr (@Archer_MD_) January 7, 2025
Portugal has long been regarded as one of Europe’s most crypto-friendly jurisdictions.
In 2019, the Portuguese Tax & Customs Authority declared that the buying and selling of cryptocurrencies would be exempt from value-added tax (VAT) and capital gains tax.
However, this favorable environment has gradually shifted.
In 2023, the government introduced a new tax framework, imposing a 28% capital gains tax on short-term crypto holdings (less than 365 days) while exempting long-term holdings.
Despite the tax revisions, Portugal continues to attract crypto investors and blockchain entrepreneurs, and its policies remain comparatively lenient by European standards.
BiG’s recent decision could prompt certain financial institutions to be more cautious as regulatory pressures mount across the European Union.
European Trends Amid Rising Levels of Cybercrime
BiG’s policy shift aligns with a broader pattern of increasing oversight in Europe’s crypto market.
The forthcoming Markets in Crypto-Assets Regulation (MiCA) seeks to establish a comprehensive regulatory framework for digital assets within the EU and harmonize rules across member states.
Globally and largely, crypto is still seen with a cautious stance from most countries.
El Salvador, the first country to adopt Bitcoin as legal tender in 2021, has recently scaled back its Bitcoin projects to secure a $1.4 billion loan from the IMF (International Monetary Fund).
As part of the agreement, businesses in El Salvador are no longer mandated to accept Bitcoin as payment.
This sudden change in stance on crypto can also result from a growing crypto scam in Portugal.
A report in 2023 shows that cybercrime in Portugal has surged. The number of reported cases jumped from 193 in 2019 to 2,124 in 2022, a 74% rise from the previous year.
Crypto scams and ransomware attacks are increasingly prevalent as criminals hijack networks and demand cryptocurrency ransoms.
That same year, two Portuguese citizens from Cantanhede lost over $312,000 to a crypto scam after being lured by promises of quick profits through staking on what turned out to be a fraudulent platform.
One victim sent $213,000 in Bitcoin, believing they could earn over $800,000, while the other transferred $94,000 in smaller amounts.
Notably, Portugal’s National Data Protection Commission (CNPD) has also temporarily banned Worldcoin from collecting biometric data through its Orb devices for 90 days, citing concerns over personal data protection, especially for minors.
Source: cryptonews.com
