Poland: Crypto Industry Group Blasts Banks for Refusing Accounts to Crypto Businesses

Fifteen “financial institutions” have become the subject of a formal complaint to a Polish government authority by cryptocurrency group the Polish bitcoin Association (PBS), it confirmed June 27.

The PBS, which has not published the full text of its complaint, wrote to the Office of Competition and Consumer Protection (OCCP) June 26, claiming that local banks were deliberately denying service to cryptocurrency entities and selectively closing accounts.

“[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,” Finance Magnates quotes a translated segment as stating, which continues:

“In view of the above, action by the regulators is necessary, and this notice and [its] requests are fully substantiated.”

According to the PBS, a total of 52 such businesses have had bank account refusals, while another 25 have seen their accounts closed. To press time, it remains unknown whether the OCCP will accept or act on the complaint.

Poland’s government has recently taken a negative stance towards cryptocurrency investing for consumers. Last month, Poland’s financial watchdog announced plans to conduct a social media campaign on the risks of crypto investments. Earlier, in mid-February, the country’s Central Bank admitted that they had secretly funded a $27,000 anti-crypto campaign about a man losing all his money after investing in cryptocurrencies.