One of Portugal's major banks, BiG, terminates fiat transfers to crypto platforms to comply with regulations

ChainCatcher message, according to a notification shared by José Maria Macedo, co-founder of Delphi Labs, one of Portugal's largest banks, Investimentos Globais (BiG), has begun to block fiat transfers to crypto platforms. The notification states that this move is to comply with guidelines issued by the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal regarding the provision of digital asset risks. Furthermore, this decision is driven by the need to ensure compliance with the country's anti-money laundering and counter-terrorism financing laws.

BiG reported that assets under management approached €7 billion in 2023, equivalent to about $7.2 billion.

It is worth noting that this situation is currently an isolated case. A user commented on Macedo's publication that fiat transfers to crypto platforms can still be made using Portugal's largest bank, Caixa Geral de Depósitos.

Macedo criticized BiG's actions, stating: "Cryptocurrency is inevitable, banks are being eliminated, and these abuses of power will only drive more people to transfer their wealth onto the chain."