Tag Archives: Finnish Bank

Bitcoin Exchange Prasos Falling out of Favor with Finnish Banks

Banks in Finland are turning down business with a large Nordic cryptocurrency exchange. Prasos, based in Finland, has now had four bank accounts closed and is now dependent on just one account. The platform exchanges cryptocurrencies for euros and relies upon banks for its service, but they’re becoming increasingly wary due to uncertainty regarding the legality of the operations. Cryptocurrency regulation is currently unclear, but banks are erring on caution. They’re particularly wary of involvement with money laundering, believing the anonymous or pseudo-anonymous nature of virtual currencies to be shaky legal ground. An agreement was reached at the European Union last year which we would see cryptocurrency fall under the same anti-money laundering regulation as fiat funds, and whilst this is not yet being enforced, banks are keeping well clear of involvement. The Prasos platform has lost its connection with banks following a tenfold increase in volume since the prior year, with the $185m sum raising suspicions among institutions.

Reference: https://www.ccn.com/bitcoin-exchange-prasos-falling-favor-finnish-banks/