Prasos Oy May Suspend Its Work Due to Banks’ Refusal to Cooperate

Prasos Oy, the largest Bitcoin broker in Scandinavia, is facing problems with banking interactions. Four Finnish banks refused to cooperate with the broker, referring to the risks of AML violation. Only one bank remains with Prasos Oy, however the prospects are far from promising and if the broker is deprived of this bank, it also runs the risk of being frozen for an indefinite period of time.

“We’ve realized that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem.” — Henry Brade, the CEO of Prasos, said.

Although Finland does not have a normative base for regulating the activities of its cryptocurrency companies, the Director of the European Banking Authority Andrea Enria does not recommend banks to contact such enterprises at this stage.

“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business in not under regulatory obligations.”

Such cases occur not only in Finland, but also in India, where the government supposedly presses on the banks, because of that they are forced to refuse to cooperate with cryptocurrency organizations.

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