Largest Nordic Bank Get Approval From Court To Ban Employees Crypto Purchases

Banks around the world have expressed disdain for the cryptocurrency industry, perhaps due to the threat against their own success. The Nordea Bank decided to take action with employees, banning them from investing in the nascent industry whether they were on or off the clock. Though the union filed a class-action lawsuit, it seems that the only winner here is Nordea Bank.

  • The ban against Bitcoin investments for employees started in January last year.
  • Bitcoin has been criticized by many traditional financial institutions in its lifetime, but few have banned it.

Bitcoin is a controversial topic in many areas of the world still, especially for banks. There are some banks that have restrictions on exactly what type of investment portfolio their employees are allowed to have. Nordea Bank, for example, imposed a ban in January 2018 that prevented their employees from buying and selling cryptocurrency. Now, according to reports to Bloomberg, the courts have decided to keep the ban in place.

The ban was widely publicized, impacting 31,000 employees, as the bank stated that there was a high risk associated with Bitcoin and crypto investments. The comments followed the massive crypto boom that had since cooled in the month prior. Most notably, this month brought Bitcoin its all-time high, nearly reaching $20,000. At the time, a representative from the bank stated, “The risks are seen as too high and the protection is insufficient for both the co-workers and the bank,” adding that Bitcoin made illicit transactions easier.

The Financial Services Union Denmark (FSU DK) filed a class-action lawsuit against Nordea, aiming to protect their employees in the financial industry. The ban even prevented employees from investing in Bitcoin during their own time. The union’s chairman, Kent Petersen, stated, “We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual.”

Bitcoin has long been criticized by the traditional banking world, and the head of JPMorgan Chase – Jamie Dimon – has publicly said that the cryptocurrency is a “fraud.” However, despite this stance on the industry and Bitcoin itself, the financial institution and Dimon launched the JPM Coin, a digital asset, though many cryptocurrency proponents have refused to acknowledge it as a true cryptocurrency.

In November this year, banks in Germany issued new regulations that made it possible for banks to sell and store cryptocurrencies. Hopefully, this new option will bring in more consumers to the industry and boost revenue.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Chainlink, IBM, ING, Microsoft, NASDAQ, and R3 Among First to Join InterWork Alliance to Set Tokenization Standards

Top financial and blockchain industry companies have formed the InterWork Alliance (IWA) in a bid to standardize the business and enterprise tokenization market. The alliance...

Blockstream CEO Doesn’t Sell Any Bitcoin Mined on Anticipation of 3,000% Price Increase

Bitcoin miners might be busy selling more bitcoin than they are creating post halving but Adam Back, the chief executive officer of Blockstream Corp.,...

Coincheck Crypto Exchange Clients’ Data Compromised After Hacker Breached Its Domain

Japan-based cryptocurrency exchange, Coincheck, announced yet another hack – this time about 200 customers data was compromised after a domain account error. According to...

Crypto Crimes Soaring to $1.4 Billion in 2020; COVID-19 Related Frauds also Emerging

During the first five months of 2020, losses from cryptocurrency hacks, thefts, and frauds spiked to about $1.4 billion, as per the report from...

Crypto Ratings Council May Rate Tron (TRX), Polkadot (DOT), and Nervos (CKB) Token As Securities: Unofficial Report

Quick look: The Crypto Rating Council (CRC) preliminary reports show three altcoins – Tron (TRX), Polkadot (DOT), and Nervos Network (CKB) are highly likely...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today