Four Finnish Bank refused to cooperate with the crypto currency exchange Prasos Oy

One of the largest cryptocurrency exchanges Scandinavian, Finnish Prasos Oy, reported the failure of four Finnish banks to cooperate with her and closing her accounts in respect of concerns of violations of the AML.

According to the head of Prasos Oy Henry of Braid, the company is not hopeful that regulatory bodies will establish clear rules which will allow her to continue to do business.

In Finland there is no law governing the relationship between banks and cryptocurrency exchanges. But there are rules to combat money laundering, which stipulate that lenders should know their clients and the sources of funds that they manage.

«We understand that the sudden growth in the transaction volume to around 150 million euros (185 million U.S. dollars) last year, almost ten times the volume a year earlier, forcing banks for cryptocurrency wary, says Braid. But they don’t tell us what we can do to resolve this problem.»

Prasos Oy owns the sites Coinmotion.com and Bittiraha.fi, in which retail investors can exchange bitcoins to Euro. The company also provides customers with wallets to store cryptocurrency.

«We have developed identification methods that fully comply with laws and regulations on combating money laundering, although the authorities didn’t demand it from us», – said the head of Prasos Oy.

According to the head of the Board of the European Bank Andrea Enria, today the regulator advises banks to work with bitcoin exchanges. The Bank of Finland also is not going to support Prasos Oy.

Advisor to the Finnish financial regulator (FSA) Hannah Heiskanen emphasizes that while Finland is no regulation of crypto-currencies, the format of cooperation between banks and cryptocurrency platforms is determined by the parties themselves.

S-Bank, OP Group, Saastopankki and Nordea Bank AB have closed the accounts of the company in 2017. Representatives of all four banks declined to comment on individual customer relationships.

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