Polish Bitcoin Association is up against banks for refusing services to crypto-related firms

In Poland, an industry group is challenging the banks allegedly refusing to offer any services to companies that have anything to do with cryptocurrencies.

Polish Bitcoin Association (PBS) has appealed to the Office of Competition and Customer Protection (OCCP) requesting that the antitrust authority should start investigating the alleged restriction of competition. On June 26, the industry group announced that a letter has been filed with the OCCP.

Back in March, there was an argument by the investors which said that under the new taxation arrangement for cryptocurrency, investors might end up paying more than 100% of their earnings in tax. Later, it was also discovered that Polish Central Bank made an attempt to convince their would-be investors from taking the risk by slipping anti-crypto ads into Youtube videos. With the approach getting more blunt, the banks have refused services to many business related to cryptocurrency for which Polish Bitcoin Association (PBS) is standing out to fight against this practice.

MBank, the nation’s fourth largest banking group in terms of assets and loans have made 9 refusals along with closing 3 accounts. PBS also mentioned 15 other institutions who have denied services to 52 entities and have closed 25 entities accounts because they were associated with crypto.

As reported by Coindesk, it is still a mystery that whether OCCP will pursue the case or not.

Aleksandra Wiktorow, the Polish Financial Ombudsman, has also called on regulation to not be “excessive”; what shape Polish regulation may eventually take is nevertheless still not decided and may surprise us yet. No rules have been officially established around cryptocurrency exchanges except a draft law against criminal activities like money laundering.