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Finnish banks block Prasos Oy exchange transactions

13 March 2018 00:00, UTC   |   257
Finnish banks block Prasos Oy exchange transactions

Banks of Finland are not willing to engage with the local major cryptocurrency exchange called Prasos Oy. The company is responsible for managing several Bitcoin services, including Bittiraha.fi, Coinmotion, Denarium, Bittimaatti, BTC Store and Pikaosto.fi, as found out by S&P.

Judging by this and the fact that the company was founded in 2012, one can suspect that the brokerage is not just a regular scam similar to AriseBank in America.

The motivation of Finnish banks remains unclear, some journalists think this is due to the fear of banks of getting involved with money laundering which remains a persistent problem in this extremely anarchic financial sphere.

Meanwhile, the representative of one of the European financial regulators has declined to confirm the involvement of the local FSA in this story. Hanna Heiskanen told the press that the mandate of the FSA does not mention cryptocurrency exchanges which allows the Financial Services Agency to simply ignore this kind of business.

In older news from Finland, the Nordic Law corporation has allowed Bitcoin payments. That measure apparently has not met any objection from the regional financial supervision authorities.

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