The Polish Bitcoin Association Challenges Banks for Denying Accounts to Crypto Businesses

It looks like many banking institutions from around the globe are still not ready to accept assets or its related investment products, and are absolutely defiant in getting associated with them in any form.

Recently, the Polish Bitcoin Association (PBS) has filed a formal complaint to the Polish government against fifteen banking financial institutions who are alleged to be targeting cryptocurrency-related businesses in the country. The banks have been accused of not providing any sort of financial services to the cryptocurrency firms as well as selectively closing their accounts.

The PBS has requested the Office of Competition and Consumer Protection (OCCP) to launch an investigation and confront the banks in restricting the competition. According to the memo received by Finance Magnates, it mentions that “It’s not clear if the antitrust authority has agreed to hear the case, but the PSB requests the OCCP to initiate an investigation into the alleged restriction of competition, to cease such activities by the banks and to impose possible penalties.”

The publication also mentions that “[T]he effects of the banks’ actions described clearly aim at removing virtual currency entities from the market, despite the fact that such activities are legal and conducted with dignity. In view of the above, action by the regulators is necessary, and this notice and [its] requests are fully substantiated.”

The PBS notes that nearly 52 cryptocurrency businesses till now have faced refusal from the banks for the opening of new bank accounts while 25 businesses have found their accounts being closed. The complaint from the PBS mentions mBank to be having the most “disgraceful” record among all the Polish banks as it holds the record of “9 refusals and closed 3 accounts.”

The Polish Financial Oversight Commission has recently published a document that seeks to clarify the legal status of virtual digital currency in the country. However, so far, there have been no regulations prohibiting the trading of cryptocurrencies. The document also highlights the intention of the Polish Financial Oversight Commission to develop and bring a regulatory framework for the operation of digital currencies in the country by this July.

Also, a survey conducted recently by Ipsos shows that Poland is the most cryptocurrency-savvy country in the entire Europe with nearly 77% of respondents showing familiarity with them.