PANews reported on January 8 that according to Cryptoslate, Portugal's major bank Investimentos Globais (BiG) has begun blocking transfers of fiat currency to cryptocurrency platforms. This move is aimed at following the guidelines of the European Central Bank, the European Banking Authority and the Bank of Portugal on digital asset risks and ensuring compliance with anti-money laundering and anti-terrorist financing laws. BiG's assets under management will reach nearly 7 billion euros (about 7.2 billion US dollars) in 2023.
At present, this situation is still an isolated phenomenon. Some users pointed out that another major bank in Portugal, Caixa Geral de Depósitos, still supports fiat currency transfers to crypto platforms. José Maria Macedo, co-founder of Delphi Labs, criticized BiG's move, saying: "The trend of cryptocurrency is unstoppable, banks are gradually falling behind, and such restrictions will only prompt more people to transfer their assets to the blockchain."
