Romanian banks stop working with cryptocurrency platforms

CryptoCoin Pro is the second cryptocurrency exchange in Romania whose accounts at local banks have been closed in recent weeks, after the central bank warned on the reputational risks of cryptocurrencies.

“We have ended our collaboration with Romanian banks. Their reasons were vague, they only told us they had the right to select their clients,” said Valentin Socaci, CEO of CryptoCoin Pro, a cryptocurrency exchange with over 7,500 users in Romania, local Ziarul Financiar reported.

Romania’s National Bank (BNR) issued a statement on February 6 calling cryptocurrencies speculative assets that are extremely volatile and risky. The central bank warned about the financial and reputational risks of those involved in this business. ING, Alpha Bank and Raiffeisen Bank closed CryptoCoin Pro’s accounts following this BNR statement.

BTCxChange was the first local cryptocurrency exchange that announced that it couldn’t open accounts at local banks anymore. Two other big cryptocurrency exchanges operate in Romania, namely Bitcoin Romania and Coinflux.

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