Danish Courts Order in Favor of Nordea’s Staff Cryptocurrency Trading Ban

Danish Courts Order in Favor of Nordea’s Staff Cryptocurrency Trading Ban

On December 3, the Danish court ruled that Nordea Bank is at liberty to stop its employees from buying and trading cryptocurrencies, a report by Bloomberg said. Earlier, in January 2018, the bank, suspecting money laundering and imminent reputation damage, had declared its plan to ban.

And now, Nordea has finally won the case in the pretext of purported risks related to cryptocurrencies. As per the order, the staff is neither permitted to buy Bitcoin on their own account nor behalf of others.

Though, the bank will allow its employees to continue to hold any crypto investment that they already possess; it is dissuading them from making any further investments and advocating the sale of what they have.  The bank is yet to make any declaration on how this rule shall be implemented and what consequences would follow in case of infringement.

Viewing this as a severe violation of the right to privacy, Kent Petersen, chairman of Denmark’s union for financial industry employees, filed a suit against Nordea.

Nordea has attributed its ban to the absence of industry regulation coupled with risks against investing in digital assets. Its employees could invest in the bank’s cryptocurrency-based products, citing legitimate business reasons; and being mindful of not endangering their business, as per court orders.

Russia might soon join the league of banning the cryptocurrency usage, as reported by the source.

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