Polish Bitcoin Association Challenges Banks Over Crypto Account Refusals

An industry group in Poland is attempting to challenge banks that have allegedly denied services for firms working with cryptocurrencies.

Jun 29, 2018 at 2:10 p.m. UTC
Updated Sep 13, 2021 at 8:07 a.m. UTC

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

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