- The employees for Denmark’s union for the financial industry came forward legally opposing and challenging the bank on the very step.
- Nordea had also used the same justification in its staff memo which laid the information for the employees of the change.
- The reports revealed that the bank has already handled a tremendous illicit amount of $793 million, a major part was linked to Russian criminals.
A Danish court officially empowered the Nordea Bank Denmark A/S with the right to state whether it’s employees can carry investments in Bitcoins. Last year the Bank had brought a policy that prohibited any trade associated with cryptocurrencies.
The employees for Denmark’s union for the financial industry came forward legally opposing and challenging the bank on the right step. The challenge proved to be futile as the court favored the bank stating that Bitcoin trading has high risk and thus, the invasion of personal privacy is justified due to the insecure nature of BTC.
In accordance with a report in Bloomberg, the legal battle was won by Danish bank Nordea Bank Denmark A/S and the nation’s union for financial industry employees was not favored to carry an independent BTC purchase. The court stated that the bank had the right to prohibit it’s employed from purchasing and trading any digital currency.
The high risks which are the second side of the coin, in any crypto asset investment justified the verdict; the court stated giving reasons for the rule. Nordea had also used the same justification in its staff memo, which laid the information for the employees of the change.
The bank had declared in the memo that any Bitcoin trading platform is an equal fascination for criminals and many other illicit tradings; thus if the bank staff also links themselves with the same platform, then possibilities are that customers will pull themselves back from the Bank with a huge risk of discrediting Nordea.
However, the memo had allowed the employees to keep the crypto-asset who had already invested in any cryptocurrency.
A part of the Nordea Group which is the largest financial hub of Northern Europe, the Nordea Bank Denmark
A/S has successfully managed to control the entire staff from crypto-transactions. Hostile Bitcoin is another famous term used for Casper von Koskull, the Chief Executive Officer of the entire branch due to his extreme statements about the Bitcoin- crime bond.
Interestingly, the bank, which is trying to keep itself from any shade of crime had been earlier raised this year by the authorities for its significant involvement in Russian money laundering. The same is claimed and by Rhythm, an active crypto industry analyst. Rhythm tweets
“Nordea Bank will stop their employees from investing in Bitcoin.
They told their staff that “the risks were too high.”
This is coming from the same bank that was raided by police for allegedly launching $793 million of Russian money.”
The reports revealed that the bank has already handled a tremendous illicit amount of $793 million, a major part was linked to Russian criminals. Other Banks from those regions are also suspected to be a part of money laundering.