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Banks in Portugal are Closing Accounts of Cryptocurrency Exchanges

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The post Banks in Portugal are Closing Accounts of Cryptocurrency Exchanges appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

In Portugal, a crypto-friendly country, some of the top banks have closed accounts of cryptocurrency exchanges operating within the country. 

Last week, the account of a Lisbon-based crypto trading platform, CriptoLoja, was closed by Banco Commercial Portugues, the biggest listed bank in Portugal. The CEO and founder of the exchange, Pedro Borges, also said that Banco Santander has initiated a similar move. 

Apart from this, two other small banks have also closed accounts with CriptoLoja without any official explanation. Two other crypto exchanges have also faced similar difficulties like CryptoLoja with banks closing their accounts. 

The regulators around the world are concerned about investors’ risks and money laundering issues, so they have been ramping up their efforts. Banco Commercial said its duty is to inform authorities whenever there is a “suspicious transaction.” Similarly, an executive of Banco Santander said that the lender acts in “accordance with its perception of risk.”

Borges said that whenever there was any suspicious transaction, they would inform the authorities about the same.

Speaking to Bloomberg, he said “We now have to rely on user accounts outside Portugal to run the exchange. All the compliance and reporting procedures have been followed.”

Pedro Guimaraes, the founder of crypto firm Mind the Coin’, said that they have been unable to open new accounts after all its accounts were closed earlier this year. He also said, “While there is no official explanation, some banks just tell us they don’t want to work with crypto companies. It’s almost impossible to start a crypto business in Portugal right now.”

This recent move by Portuguese banks has affected some of the top crypto exchanges in Portugal, which already have licenses from the central bank. Portugal became a haven for crypto firms, due to zero taxes on capital gains and traders have set up their base there. However, there could be a possible shift and toughening of the crypto environment in Portugal.

Web3 Platform FrontFanz Welcomes Over 100 More Creators To Their Platform

Polygon-based Web3 startup FrontFanz has secured a new wave of content creators for its platform, the firm announced via a recent press release. Front Fanz is a Web3 content subscription platform that deploys a censorship-resistant model where content creators can create content, engage fans, and grow their brand without fear of demonetization. The platform unveiled::Listen

Web3 Platform FrontFanz Welcomes Over 100 More Creators To Their Platform

Polygon-based Web3 startup FrontFanz has secured a new wave of content creators for its platform, the firm announced via a recent press release.

Front Fanz is a Web3 content subscription platform that deploys a censorship-resistant model where content creators can create content, engage fans, and grow their brand without fear of demonetization. The platform unveiled the onboarding of new creators as launch approaches.

FrontFanz Onboards 100 More Creators

FrontFanz disclosed it has topped its list of creators with 100 more creators that will be joining the platform at launch.

According to the platform, the new set of creators it acquired represents the next wave of content creators who have abandoned their traditional platforms and are making the jump into Web3 through FrontFanz. FrontFanz has adopted features of privacy, anonymity, and zero censorship to enable it to serve users better.

Per the announcement, FrontFanz leverages the support from Polygon to bring content directly to users and break away from the banks, payment processors, and other vendors who have restricted platform access to the creators they deem acceptable.

FrontFanz is set to launch in the next quarter of 2022. This will see the platform providing users with several features that creators and fans are used to. Some of these features include subscription-based videos, direct messaging, and tipping. Other features like live-streaming, facetime, NFTs, creator coins, and governance will also be added.

The native token of FrontFanz is dubbed $FANZ. The platform unveiled it will allow $FANZ holders to vote on upcoming platform upgrades. Moreso, the platform, with its $FANZ token, will enable users to create an account without username, email, or credit card information. Meanwhile, creators can as well monetize their brand and engage with their audiences with zero fear of videos being taken down, demonetized, or de-platformed at the same time.

Banks in Portugal are Closing Accounts of Cryptocurrency Exchanges

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