On January 2018, the Portuguese branch of Spanish bank Santander, Banco Santander Totta, was blocking cryptocurrencies-related transactions. The financial institution was blocking the transactions while claiming cryptocurrency exchanges were transacting in non-regulated financial products. Through an article on its website, the Portuguese Association for Consumers Protection (DECO) addressed the issue by making it clear Santander Totta has no known legal basis to support its move. The backlash forced the bank to send the press an update on the situation, clarifying it hasn’t adopted any measures against cryptocurrencies or cryptocurrency users. The bank added that it oversees its clients’ operations to ensure they comply with applicable regulations.
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