Polish Bitcoin Association Challenges Banks Over Crypto Account Refusals | Tech News

An industry group in Poland is attempting to challenge banks that are allegedly refusing to provide services for firms associated with cryptocurrencies.

The Polish Bitcoin Association (PBS) has appealed to the Office of Competition and Consumer Protection (OCCP), requesting that the antitrust authority start investigating the alleged restriction of competition. It filed a letter with the OCCP on June 26, the industry group announced.

A memo seen by Finance Magnates reportedly shows the PBS has criticized 15 financial institutions for denying 52 entities’ bank account applications and closing bank accounts of 25 entities.

MBank, the nation’s fourth-largest banking group in terms of assets and loans, allegedly made nine refusals and closed three accounts, according to the complaint.

It’s not yet clear whether the OCCP has agreed to look into the case.

Although Poland has made previous attempts to regulate the local cryptocurrency industry, it hasn’t officially established rules around cryptocurrency exchanges, except for a draft law against criminal activities like money laundering.

The country’s Financial Ombudsman, Aleksandra Wiktorow, called on the country’s Ministry of Finance to regulate the local cryptocurrency industry early last year, but she said at the time that any regulation “should not be excessive,” as CoinDesk reported.

Poland map image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

You might also like

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More