Four of the five banks that used the Finnish service Prasos Oy for their business, severed ties with the stock exchange. They suspect that the exchange is connected with money laundering.
Prasos Oy has become a well-known crypto-currency service of the Scandinavian region. The platform relies on centralized banks of the country to help transform the digital currencies of its customers into euros. They also launch Coinmotion and Bittiraha.
Partners of Prasos Oy do not want to contact the exchange
As the publishing house Bloomberg, last year there was a huge impact on business, as four of the five banks that use Prasos closed their accounts with the stock exchange. The banks in question, S-Bank, OP Group, Saastopankki and Nordea Bank AB did not directly comment on the closure, but made some comments.
Laura Niemi, manager of the corporate security department at OP Group, said the bank was cautious about the anonymity associated with digital currencies. Tomi Nahrinen, CEO of Saastopankki, said:
"In most cases, it is almost impossible or at least very difficult to conduct business with crypto-exchange exchanges, because it is impossible to determine the origin of the funds."
Despite the fact that generally accepted rules do not apply to the country, some banks in Finland avoid ties with exchanges, as they do not want to help fraud and money laundering.
The problem is that the crypto currency offers anonymity, which contradicts the norms of the European Union on combating money laundering.
However, Prasos sought to help in this difficult situation:
"We developed identification methods that were used in March and fully comply with anti-money laundering laws and regulations. Despite the fact that the authorities do not even require these actions from us, we do this for our business ", – the company's management reports.
Henry Bradet, CEO of Prasos, said that the volume of transactions of Prasos has increased to about 185 million dollars in 2017.
"We realized that the growth of international transactions began to worry banks. Along the way, we were given very little information by banks on what we can do to solve this problem. "
Despite the fact that Prasos still enjoys the support of POP Bank, Bradet still sees problems:
"The risk is that if our last bank account is closed before we can open the next one, it will freeze our business."
Author: Olga Novikova, Analyst Freedman Club Crypto News
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