Exchange founder Michal Pleban says the suspension was made upon request by the local district attorney’s office after a transaction on the exchange was allegedly performed with stolen funds.
The move highlights what has been a long-standing concern of banks in doing business with crypto exchanges. Bitcoin’s anonymity makes illicit transactions of such a nature possible and difficult to police. To date, most instances we hear of account closures have been of a preemptive nature; Risk-averse banks are opting not to take chances in what is still an unregulated industry. Rarely have we seen such action taken due to the alleged transfer of illegal funds.
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The exchange says to have never received advance notification of the closure, instead finding out on January 26 after it already took place. Bank BPH initially said the suspension was a technical glitch, but later said it was due to outstanding debt and a “lack of credentials.”
The exchange is now looking for a Bitcoin-friendly bank, in the meantime using the services of a payment processor to store and transfer fiat funds.
Another Polish Bank, Bank Zachodni WBK, has also allegedly been terminating accounts used for bitcoin trading, telling clients that Polish regulators have yet to issue regulations and guidelines on the matter.