Bitcoin Exchange Prasos Falling with Banks from Favor
Prasos, based in Finland, has had four bank accounts closed and is currently dependent on only 1 account. The platform deals cryptocurrencies for euros and relies upon banks for its support, but they are becoming increasingly wary due to uncertainty regarding the legality of the operations.
Cryptocurrency regulation is presently unclear, but banks are erring on upkeep. An agreement was reached at the European Union last year that we would see cryptocurrency fall under the same anti-money laundering regulation as fiat funds, and whilst this isn't yet being enforced, banks are keeping well clear of involvement.
The Prasos platform has lost its connection with banks following a tenfold increase in volume since the prior year, with the $185m amount raising suspicions among associations.
Founded in 2012, the Prasos team were united by the vision of a social revolution utilizing blockchain technology, saying their mission as to provide solutions that are easy to use to spread blockchain adoption.
«We believe cryptocurrencies are a way of equalizing societal power structures since they allow regular people the opportunity to control their own money.»
Prasos, in fact, hosts six individual services, and boast five years of experience in blockchain technology, currently specializing in the creation of Lightning Networks. The is Coinmotion but investors an also access Bittiraha, a Bitcoin broker service. Alongside these services, the platform offers an instantaneous purchase platform that is cryptocurrency Coinmotion Instant, and merchant services are on the way.
Most interestingly of all, however, is Prasos' Denarium provider, which provides physical Bitcoins, available in brass, silver and gold.
Whilst banks could be cautious, Prasos is convinced they're acting lawfully an here for the future. They told of increasing Know Your Client compliance, which came into effect this 16, reporters.
«We have established identification practices, which we've taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our firm in not under regulatory duties.»