Banks block fiat transactions in Portugal

According to Odaily, José Maria Macedo, co-founder of Delphi Labs, has reported that Investimentos Globais (BiG), one of Portugal's largest banks, has begun blocking fiat transfers to cryptocurrency platforms. This action aligns with guidelines from the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal regarding digital asset risks. The decision also aims to ensure compliance with the country's anti-money laundering and anti-terrorism financing laws. BiG reported managing assets close to 7 billion euros, approximately 7.2 billion dollars, in 2023. Notably, this situation appears to be isolated, as a user commented on Macedo's publication that fiat transfers to crypto platforms can still be made through Caixa Geral de Depósitos, Portugal's largest bank. Macedo criticized BiG's move, stating that cryptocurrencies are inevitable and that such actions by banks only encourage more people to transfer wealth onto the blockchain.