Finnish provider of cryptocurrency and encryption services Prasos Oy is set to become " frozen ", as most Finnish banks "Bloomberg reports on March 9th.

Founded in 2012, Prasos saw a ten-fold increase in transaction volume to $ 185 million in 2017, which has become a concern for banks.

Finnish banks do not have a set of codified rules regarding cryptocurrencies and the anonymous nature of cryptocurrency transactions could potentially go against current Finnish anti-money laundering laws (AML). As a result, four banks; S-Bank, OP Group, Saastopankki and Nordea Bank AB closed Prasos Oy's accounts in 2017. For now, Prasos has to manage all its customers' transactions through a single bank.

Tomi Narhinen, CEO of Saastopankki, commented that the anonymous nature of crypto operations violates the LBC laws of the European Union (EU).

" In most cases, it is virtually impossible or very difficult to do business with crypto-resellers and exchanges, because it may be impossible to determine the exact number of times. origin of funds "said Narhinen.

Prasos CEO Henry Brade noted that the company is facing a critical situation. " The risk is that we will see our last bank account closed before we can open the next ," said Brade. " That Would Freeze Our Business "

The legal status of cryptocurrencies in the European Union was questioned in December 2017, when the EU decided to regulate more closely the exchange of cryptocurrency to protect banks against money laundering and tax evasion.

Brade noted that the company had fully adapted the AML measures and that it expected the authorities to formulate the necessary regulations

" We "have adopted identification practices, which we adopted in March, and we fully respect the anti-money laundering laws and regulations, even if the authorities do not even require it because our activities do not are not subject to regulatory requirements.

Cointelegraph reported in February that the Finnish authorities were troubled by the Treasury's directives regarding the storage of 2,000 confiscated bitcoins.