Consumer Protection Association Slams Bank for Blocking Transfers to Bitcoin Exchanges

From Israel to Australia, commercial banks in various parts of the world have tried preventing people from entering the cryptocurrency market by blocking money transfers to bitcoin exchanges. Now the largest consumer association in Portugal has called out a local bank for trying to do the same.

Banco Santander Totta

DECO, the Portuguese Association for Consumer Protection, has came out against the actions of Banco Santander Totta S.A., the fourth largest bank in Portugal. This happened following reports by Portuguese clients of the bank that it is blocking interbank transfers to accounts related to bitcoin exchanges. The association has confirmed that the bank is acting in this manner as a policy, despite not having any known legal basis to support its actions.

Founded in 1974, DECO is an independent non-profit association with charity status. It is the largest consumer association in Portugal and has been afforded the status of ‘public utility’. Hopefully its position will help clients make Santander Totta reverse its policy towards transfers to bitcoin exchanges…

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