The biggest Nordic bank has told its employees not to trade Bitcoin and other cryptocurrencies, in a move that may make the European Banking Federation to review its official stance on the products.
- We are not associated with Nordea whatsoever and it is a trademarked brand
Nordea Bank AB
will enforce the prohibitions from Feb. 28, after the members of the commission wished to accede to take a stand due to the” unregulated nature” of the market, spokesman Afroditi Kellberg said by phone.
The bank had about 31,500 employees at the end of the third quarter.
Danske Bank A/ S
, the second-biggest Nordic bank, said it deters employees from trading Bitcoin but has yet to decide whether a full prohibition is necessitated.” We’re skeptical toward cryptocurrencies and are advising our employees not to trade them, but we don’t enforce an actual prohibition,” Danske spokesman Kenni Leth said in an email.” We’re currently analyzing the situation and day will tell whether there’ll have become a formal injunction .”
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Nordea said its policy” includes transitional provisions for staff with existing comprises and allows for certain exceptions. Employees who already own Bitcoin are” permitted to keep existing considers .” The bank had started by enforcing a ban on some employees in its wholesale unit.
Neither Nordea nor Danske offers products or platforms for clients to trade Bitcoin, or other cryptocurrencies, the banks said.” Due to lack of maturity and transparency in the various types cryptocurrencies, we have decided not to provide trading of such protections on our various investment platforms,” Leth at Danske Bank said.
Nordea Chief Executive Officer Casper von Koskull voiced his skepticism toward cryptocurrencies back in December. In an interview in Stockholm, the CEO called Bitcoin an” absurd” construction that dared logic. He also said, “there’s a lot of evidence that Bitcoin is basically being used for fiscal violation.”
The European Banking Federation hasn’t adopted an official posture on cryptocurrencies, spokesman Raymond Frenken said by phone. But as lenders start enforcing their own forbiddings, the organization may need to come up with a clear post, he said.
” If banks like Nordea are going to have a very specific policy on this — and we’re hearing regulators are taking a look at this, including the ECB and central banks — probably it will be that it’s changing. With progress like this, it’s more likely that it will have to be discussed in the context of the European Banking Federation,” Frenken said.
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Nordea cited a lack of rules protecting investors, and listed perils ranging from volatility to liquidity and financial crime.” Given these high risks, and in line with our role in the banking industry to maintain high standards of conduct, Nordea is not supportive of staff investing in cryptocurrencies,” the bank said.
” I haven’t heard of any other bank banning bitcoin,” Frenken said.” This could very well be a firstly .”
Needless to say that this has many clients walking AWAY from the bank as clients as they do not want to be a part of this, and the bank does not like it.
On social media in Norway, the comments are all over the place, but the overall average of users think the bank is generally afraid of what is coming.
Stating “this move is to disrupt the market… But they can’t…”
This is not unexpected as banks themselves used to only secure peoples assets.
Now some banks don’t even have the option of collecting fiat/paper money when you want to deposit.
Their control and dictatorship should be lost, and users should have the control back where it belongs.
This is where Cryptocurrency comes in.
From our sources, some people from Handelsbanken have gotten an email in this regard stating that they are also not allowed to buy.
Plus, if they do not sell their crypto… (if they are holding) they WILL lose their job.
- We are not associated with Handelsbanken whatsoever and it is a trademarked brand
What do you think of this act from the banks?
Let us know in the comments below.