The bank claims that it is not closing accounts of individual customers who invest in digital currencies
BZ WBK has said that it terminated the accounts contract of a company that trades cryptocurrencies. - Because there have been cases of cryptocurrencies being used for illegal or unethical activities, the bank, based on the freedom of contract defined by the civil code, has decided to adopt the general rule of not going into business with companies that trade digital currencies and to terminate any such existing relations - the bank's press office wrote in a statement received by Cashless.
The statement also says that the rule will be applied in particular to cryptocurrency markets, currency exchanges that mostly deal cryptocurrencies, and other customers for whom this type of trade is the core activity. - In its decision the bank also took under consideration the opinion of the Financial Supervision Authority, which points out that cryptocurrency investments have a very high risk factor - the BZ WBK press office said. The bank's representatives added that the company is not terminating the contracts of individual customers who buy or sell cryptocurrencies in a standard manner.
Digital currencies, including bitcoin, as well as individuals and businesses connected with the market, have recently come under scrutiny. Let me remind you that just a few weeks ago Bulgarian banks have carried out a coordinated operation of blocking the accounts of the biggest local cryptocurrency markets. In Poland the Polish Bank Association president Krzysztof Pietraszkiewicz has recently talked about the need to analyze the cryptocurrency phenomenon and consider banning cryptocurrency investments.
Soon after that there has been some unofficial chatter about the possible details of such a ban. Banks could block transfers made by their customers to accounts identified as belonging to businesses that allow such investments, which includes cryptocurrency markets. You can read more about it here. It seems that the idea carried out by BZ WBK might be an easier solution. In the past banks have fought competition by closing the accounts of online currency exchanges.