Banks block flow of cryptocurrency earnings

Banks block flow of cryptocurrency earnings
© Belga

Investors wishing to secure part of their profits in cryptocurrencies are finding it difficult to transfer them to their bank accounts, De Tijd notes in its Saturday edition.

According to the daily, cryptocurrency advisers and lawyers said individuals were complaining to them each day that banks had blocked their accounts and were asking for more information on the origins of their assets, Belga news agency reports.

The banks have become stricter due to increasingly stringent regulations against money laundering and the financing of crime. They want to avoid, at all cost, having to pay hefty fines should they accept money whose origin is unclear.

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Bitcoins and other virtual currencies are subject to scant surveillance, so the banks consider them extremely risky.

Major Belgian banks stress that customers who transfer money from crypto-currency platforms to their accounts are monitored and that they reserve the right to reject such transfers if they suspect any irregularities, Belga noted.

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