Portuguese Bank BiG Implements Complete Cryptocurrency Transfer Ban

TLDR

• Portuguese bank BiG (Investimentos Globais) has blocked all cryptocurrency platform transfers, making it the first major Portuguese bank to take this stance
• The bank’s €7 billion asset portfolio makes this a notable development in Portugal’s banking sector
• The move contrasts with other Portuguese banks like Caixa Geral de Depósitos, which continue allowing crypto transfers
• This follows Portugal’s 2023 shift from zero crypto taxes to a 28% tax on short-term crypto gains
• The decision sparked debate in Portugal’s crypto community, with industry figures warning it could accelerate adoption of decentralized finance

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Portugal’s cryptocurrency landscape faced an unexpected development as Investimentos Globais (BiG), one of the country’s prominent banking institutions, announced a complete halt to cryptocurrency platform transfers. The policy change affects all customers attempting to move funds between their bank accounts and cryptocurrency exchanges.

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The news emerged through cryptocurrency industry insider José Maria Macedo, co-founder of Delphi Labs, who shared details about the bank’s new stance on social media. BiG, which oversees approximately €7 billion in assets, implemented these restrictions without prior public announcement.

This development marks a striking contrast in Portugal’s banking sector, as other major financial institutions maintain their cryptocurrency-friendly policies. Caixa Geral de Depósitos, Portugal’s largest bank by market share, continues to process cryptocurrency-related transactions without additional restrictions.

The timing of BiG’s decision comes during a period of regulatory evolution in Portugal’s cryptocurrency framework. The country, once celebrated for its hands-off approach to digital assets, introduced new tax measures in 2023 that brought cryptocurrency transactions under closer oversight.

These tax changes created a two-tier system for cryptocurrency holders. Traders who keep their digital assets for less than a year face a 28% capital gains tax, while those holding for longer periods maintain tax-exempt status on their profits, with certain exceptions for specific tokens and jurisdictions.

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User reports from across Portugal indicate that BiG’s decision has created a clear divide in banking services. Cryptocurrency enthusiasts report smooth transactions through other banks, highlighting BiG’s isolated stance in restricting these transfers.

The European Union’s broader regulatory framework, particularly the Markets in Crypto-Assets Regulation, provides context for BiG’s decision. This comprehensive set of rules aims to standardize cryptocurrency oversight across EU member states, affecting how banks interact with digital asset platforms.

Recent data shows that Portugal’s cryptocurrency adoption remains modest, with just 2.6% of the population holding digital assets. However, industry observers suggest that banking restrictions might inadvertently encourage more people to explore decentralized financial solutions.

Technical aspects of BiG’s new policy include automated systems designed to identify and block transactions to known cryptocurrency platforms. The bank has upgraded its transaction monitoring infrastructure to enforce these restrictions effectively.

The cryptocurrency community’s response to BiG’s decision has been notably vocal. Industry figures argue that such restrictions might accelerate the adoption of blockchain-based financial solutions, as users seek ways to maintain control over their financial activities.

Portugal’s journey from a cryptocurrency tax haven to its current regulatory stance reflects broader global trends in digital asset oversight. Different countries continue to experiment with various approaches to cryptocurrency regulation, ranging from full acceptance to strict limitations.

Banking sector analysts note that BiG’s approach represents one of the more conservative responses to cryptocurrency-related activities among Portuguese financial institutions. Other banks have chosen to implement enhanced monitoring while maintaining service availability.

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The implementation of these restrictions at BiG includes comprehensive blocks on transfers to identified cryptocurrency platforms. The bank’s systems now automatically flag and prevent such transactions, representing a complete shift from its previous policies.

Consumer impact reports suggest that many BiG customers have begun exploring alternative banking options to maintain their cryptocurrency activities. This has led to increased account openings at other Portuguese banks that maintain more permissive policies.

As of early 2025, BiG maintains its position on cryptocurrency transfers, with no announced plans to review or modify these restrictions. The bank’s decision continues to generate discussion within Portugal’s financial and cryptocurrency communities.

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