Polish Bitcoin Association Sues Banks over Unofficial Crypto Bans

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Polish Bitcoin Association Sues Banks over Unofficial Crypto Bans

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Some of Poland’s banks are being challenged by the Polish Bitcoin Association (PBS), a cryptocurrency industry group, over the closure of accounts linked to crypto firms in the country, writes Finance Magnates.

The PBS have taken its complaints to the Office of Competition and Consumer Protection (OCCP) to investigate claims that the bank’s activities are illegal. The Polish legal system currently has no regulations prohibiting the activity of cryptocurrencies exchanges. However, it’s been reported that the crypto community in Poland is concerned that the bank’s activities are an indication that the government might be considering a move towards the prohibition of digital currencies in the future.

According to the OCCP, it has been challenging for crypto companies to find banks which will support their businesses, and there appears to be a blanket ban by several banks on cryptocurrency exchanges or companies.

The government, through a financial reparatory response, denies that it is behind the bank’s hostile activities, as cryptocurrency exchanges operate under Polish law. This has apparently done little to stop the banks, with the PBS citing 15 financial institutions refusing to open bank accounts to multiple users, with mBank making nine refusals to cryptocurrency companies and closing three existing accounts.

The PBS states that this behavior is tantamount to trying to remove legally-conducted cryptocurrency activity from the market, which is why it has taken the recent action with the OCCP, suggesting that the banks should be regulated and, if necessary, fined.

Poland’s regulation of cryptocurrency has like many other countries focused primarily on the curbing of legal activity, which has resulted in a ban on ICOs. Recent government “education” campaigns about cryptocurrency highlight potential risks of trading in digital currencies.

 

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