BiG Bank blocks fiat transfers to crypto platforms in Portugal

Banco de Investimentos Globais (BiG), one of Portugal’s largest banks, has started blocking fiat transfers to cryptocurrency platforms. The decision, revealed in a notification shared by Delphi Labs co-founder José Maria Macedo, comes as part of BiG’s efforts to comply with guidelines from the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal. These regulations focus on the risks linked to digital assets, particularly money laundering and terrorism financing.

BiG, which reported assets under management of nearly €7 billion in 2023, justified the move as necessary to align with Portugal’s legal framework. However, this action appears to be limited to BiG for now, as users have reported that fiat transfers to crypto platforms remain unaffected when using Portugal’s largest bank, Caixa Geral de Depósitos.

Macedo criticised BiG’s decision, claiming that such measures would drive more people to decentralised platforms, declaring, ‘Crypto is inevitable, banks are dead, and these abuses of power will only red pill more ppl into moving their wealth on-chain.’ His comments reflect a growing frustration with traditional financial institutions as they respond to increasing pressure from regulators.

This decision aligns with a broader, mixed stance within the EU regarding digital assets. While some ECB officials, like Jürgen Schaaf, have raised concerns over Bitcoin’s volatility and environmental impact, others, such as Piero Cipollone, advocate for the adoption of digital assets to help tackle market fragmentation. The future of cryptocurrency regulations in Europe remains uncertain, with ongoing debates about the potential benefits and risks.