Danske Bank, the Danish lender bank which was situated at the center of the huge money laundering scandal in Russia recently has illegally processed more money than the entire market cap of the cryptocurrency market.
The numbers are certainly incredible. As noted on social media by Anthony Pompliano, Morgan Creek Digital’s founder and partner, the problem may be even bigger as the bank only reported the sum of its branches in Estonia over a period of eight years.
Banks Appoints New CEO
After the scandal, the bank has decided to appoint a new CEO for its Danish operations, Jesper Nielsen. Thomas Borgen, the former head of the bank, was abruptly fired after the scandal broke out.
Pompliano has gone to social media to suggest that the episode could be a source of “renewed faith” for crypto investors as it faces heavy criticism and it is currently facing a bear market. He affirmed that a single bank was used for more money laundering than the whole crypto market and affirmed “Long Bitcoin, Short the Bankers”.
Danske Bank Has Affirmed That Cryptos Lack Transparency
Ironically enough, the Danske Bank has taken a very negative stance on cryptocurrencies before the scandal broke out. For instance, the bank has implored its customers not to invest in cryptos, as they lacked transparency and regulatory control.
The statement, which can cause one to laugh today, has affirmed that, on several occasions, people have linked cryptocurrencies to money laundering and illegal activities. The bank has also affirmed that they have “an obligation to assist in the fight against financial crime and money laundering” in the report and have reaffirmed that cryptos lack the levels of transparency to be used.
Bank being hypocrites are nothing new, though, Rabobank, a Dutch lender, has recently found itself in the middle of a huge laundering scandal and it has also refused to let users have Bitcoin accounts because of the “compliance risks” involved. It looks like banks are only against money laundering when they are not getting a cut in the profits.