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A crypto currency exchange Norweign lost the case against financial services Nordea for closing exchange account

The Bitmynt founder Sturle Sunde the Norwegian an crypto currency exchange has lost the case against Scandinavian financial services giant Nordea for closing the exchange account.

When Nordea has closed Bitmynt’s account for inadequate anti-money laundering and terrorist financing risks, In December 2017 Sturle Sunde first took legal action against Nordea. When Sunde was unable to register with the Brønnøysund Register Centre for starting a limited liability. The ruling Oslo District Court states:

“The Court is, after a global assessment, [in] no doubt that the risk of money laundering and transactions related to criminal offenses is clearly elevated by Bitcoin trade, although Bitcoin trading is now also largely done [under] legitimate conditions.”

The court initiates it clear that this risk constitutes an objective reason for the bank to deny customer relationships” under a provision of the Finance Contracts Act. Sunde says that he is disappointed with the courts judgment as already government has “in practice” bans Bitcoin trading in general Norway. The exchange is not following certain norms.

The sentences states, “He believes he knows the customer and has a stomach feeling that makes him recognize suspicious conditions.” And the court found that Sunde’s intuition, there was a little risk to a degree to which bank could accept Wallet and customer contact.

Sunde said the cost of case are considerable and has already spent NOK 1 mIn ( $124,000). He said he will now consider crowd sourcing for financial support when he asked for the trial for money. Sunde answered:

“Until now, it has not been, but I hope that it will end.”

A week ago, a group of Chilean crypto currency exchange accused a group of banks together for banning defacto the crypto currency industry in the country by closing down their accounts. As, a court announced the result in their favour and on 25TH April Buda won the case in Chile’s anti-monopoly to temporarily re-open their account once again at state bank Banco del Estado de Chile and Itau Corpbanca.

 

 

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