Finnish Crypto Services Provider Prasos Loses 4 of 5 Banking Partners
Finnish bitcoin services provider, Prasos, has lost all but one of its banking partners. Prasos' chief executive officer recently revealed that four Finnish banks have terminated services with the company, leaving Prasos reliant on a single bank.
Finnish Banks Terminate Services With Prasos
Henry Brade, Prasos' chief executive officer, has attributed the company's banking woes to the dramatic recent rise in the popularity of of cryptocurrencies. 'We've realized that the growth in international transaction volumes started to disturb the banks,' Mr. Brade recently told Bloomberg. Mr. Brade stated that Prasos had witness growth in transaction volume of almost 1,000% when comparing the company's performance in 2017 to that of the preceding year.
Mr. Brade also blamed the lack of regulatory clarity with regards to cryptocurrencies for exacerbating perceptions of risk associated with businesses operating in the cryptocurrency industry, concluding that the company is currently hoping that regulators will soon develop a clear legislative apparatus that boosts confidence in bitcoin businesses among financial institutions.
Prasos CEO Fears Total Loss of Banking Partners
Hanna Heiskanen, a senior adviser at Finland's Financial Supervisory Authority (FSA) in Helsinki, has stated that 'Cryptocurrency trading places are not currently under the regulatory mandate of the Finnish FSA,' adding that Prasos' troubles are 'an affair between the company and the bank[s].'
'The risk is that we'll see our last bank account closed before we can get the next one opened,' said Mr. Brade. 'That would freeze our business.'
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