Portugal's BiG Bank halts fiat-to-crypto transfers to comply with regulations

According to a notice shared by Delphi Labs co-founder José Maria Macedo, one of Portugal’s largest banks, Investimentos Globais (BiG), has begun blocking fiat-to-crypto transfers. The notice states that the move is to comply with guidelines issued by the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal on the risks of offering digital assets. In addition, the decision was made out of the need to ensure compliance with the country’s anti-money laundering and counter-terrorist financing laws. BiG reported assets under management of nearly €7 billion in 2023, equivalent to about $7.2 billion. It is worth noting that this is currently an isolated case. A user commented on Macedo’s publication that the largest Portuguese bank, Caixa Geral de Depósitos, can be used as usual for fiat transfers to crypto platforms. Macedo criticized BiG’s move, saying: “Cryptocurrencies are inevitable, banks have been eliminated, and these abuses will only make more people move their wealth to the chain.”