Finnish Crypto Exchange Risks Collapse As Banks Refuse To Do Business

in #cryptocurrency2 years ago

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Finnish cryptocurrency exchange and crypto wallet services provider Prasos Oy is one step from being “frozen”, as most Finnish banks will no longer conduct business with them, Bloomberg reports March 9.

Founded in 2012, Prasos has seen a ten-fold spike of transaction volumes reaching $185 mln in 2017, which became a subject of concern among the banks.

Finnish banks do not have a codified set of regulations surrounding cryptocurrencies and the anonymous nature of cryptocurrency transactions could potentially run afoul of current Finnish anti-money laundering laws (AML). As a result, four banks; S-Bank, the OP Group, Saastopankki, and Nordea Bank AB closed Prasos Oy’s accounts in 2017. For now, Prasos has to manage all its clients’ transactions through one bank.

Tomi Narhinen, CEO of Saastopankki, commented that the anonymous character of crypto operations breaches the AML laws of the European Union (EU).

Full story at http://bit.ly/2p4Rp2l

Source: CoinTelegraph

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very informative, thanks again

Nice article and thanks for sharing

great article, keep it up

I think the banks and regulators of many countries are scrambling now as "regular" people and their money starts flow to crypto. It's not just for tech-y people anymore and they are feeling the pain.

Good post

very informative, thanks again

Governments and banking sector actually don't know which way to turn.

Cryptocurrency had a massive boost last year, now everyone is trying to sort out what next to do @sydesjokes

arghh! we need to be able to buy more directly with crypto so we don't need to go through banks!

Oh! Thank you for sharing this news.

Nice article and thanks for sharing

Nice article and thanks for sharing

Nice article and thanks for sharing

I really like the break down you gave. Very informative