Banks of Slovakia Close Accounts for Crypto Companies and Traders

June 15, 2018

As crypto center Paralelna Polis reports, banks of Slovakia closed accounts for all local crypto organizations and traders. The message says, similar measures have been taken by banks in the Czech Republic and Bulgaria that refused to give any comment on the situation.

According to the employee at one of the local Slovak publications, the banks are controlled by the National Bank of Slovakia. Reportedly, it sent them confidential letters with demand to close immediately accounts for organizations and traders engages in cryptocurrencies without giving any specific reasons. The regulator added, all addressees must keep this information top secret. Moving on, the Central Banks was said to forbid banking institutions registering new accounts for crypto companies.

Paralelna Polis supposes, the measures by the authorities of the Czeck Republic and Slovakia were preliminarily coordinated as the information on them came to the local media almost at the same moment.

The list of banks that blocked accounts includes Slovak Sporitelna, Fio Bank, OTP Bank, Prima bank, Privatbanka and Oberbanka. They closed the accounts on a unilateral basis and dissolved the agreement with customers by reason of new decisions taken by the board.

The Central Bank’s measures in fact abridge the freedom of enterprise for the companies that do not violate legislation and contradict the state anti-monopoly policy. The number of companies that received the CB’s guidelines included those with mandatory customer check by AML/KYC standards.

As Paralelna Polis writes, this turned to be a real step backwards for Slovakia and serves as another reason for necessary shift to alternative financial system independent from any regulator.


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