A Portuguese bank restricts transfers to crypto platforms, citing ECB guidelines and AML concerns.
MiCA regulations and differing bank policies show a fragmented approach to crypto across Europe.
Critics say that crypto restrictions could push users toward alternative financial systems.
Portugal’s Banco de Investimentos Globais (BiG) has begun blocking customer transfers to cryptocurrency platforms. The bank, which manages approximately €7 billion in assets, cited European Central Bank (ECB) guidelines and anti-money laundering regulations to justify its decision.
Delphi Labs co-founder José Maria Macedo revealed the policy change through a shared bank notification. It has triggered a debate about traditional banking’s role in the crypto ecosystem. While BiG has taken this restrictive stance, other Portuguese banks like Caixa Geral de Depósitos continue to process crypto-related transfers normally.
The bank’s move aligns with recent ECB publications, particularly those from economist Jürgen Schaaf, who has openly criticized Bitcoin. In February 2023, Schaaf published a paper questioning Bitcoin’s value and environmental impact. This was even as the cryptocurrency’s price doubled following his assessment. His October follow-up paper argued that Bitcoin benefits early adopters at new investors’ expense.
This banking restriction arrives alongside broader European regulatory changes andon the fuirst day of 2025, it witnessed the implementation of the EU’s Markets in Crypto-Assets (MiCA) regulations. This coincided with nearly $4 billion in Tether (USDT) redemptions. Tether’s market cap dropped from $141 billion before Christmas to around $137 billion, showing uncertainty about stablecoins in European markets.
However, not all EU officials share Schaaf’s skepticism. ECB Executive Board member Piero Cipollone recently advocated for embracing digital assets and distributed ledger technology to improve European capital markets’ efficiency. Macedo criticized BiG’s decision with a stark prediction: “Crypto is inevitable, banks are dead, and these abuses of power will only redpill more people into moving their wealth on-chain.”
The contrasting approaches within Portugal’s banking sector, with BiG restricting transfers while larger banks maintain normal operations. This highlights the uneven adoption of crypto-related policies across European financial institutions. This disparity could also influence how other banks interpret and implement ECB guidelines.
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