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Nordea- Northern Europe’s largest bank validates Bitcoin Ban for Employees

Jan 24, 2018 Posted /  2753 Views

Nordea- Northern Europe’s largest bank validates Bitcoin Ban for Employees

It has been circulating in the media since last week and now it is confirmed that one of Europe’s largest banks, Nordea, will enact a company-wide order to completely ban its employees from retaining or trading in cryptocurrency. Quoting risks and reasonably emerging regulation, the bank determined to respond precautionarily.

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As per the bank-wide policy to be enacted at the end of next month, most of the 31,000 Nordea Bank employees by Spring won’t be allowed to own or trade in cryptocurrency. One of Northern Europe’s largest banks, Nordea has had a flimsy relationship with bitcoin over the last few years. Its existing executive team has had a history of either being contemptuous or naturally antagonistic to decentralized digital currency.

Scarcely two weeks before, a company whistleblower reached out to media to describe the bank was certainly contemplating such a move, bothering some employees. This week the bank validated to mainstream media outlets and wire services such as Reuters and Bloomberg that the policy was surely being enacted.  

Nordea spokeswoman told Reuters by email,

“The risks are seen as too high and the protection is insufficient for both the co-workers and the bank.”

Employees who support the currency as of the ban won’t  demand to sell them. The bank is, however, recommending they do exactly that, sell. The bank disclosed to Bloomberg,

“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.”

It also appended the regular concerns about volatility and deemed criminal utilization.

Nordea was overpowered to approach the argument of counselling clients who’re occupied in the crypto inflation, emphasizing, “it’s important to emphasize that it is not something we recommend our customers to invest in. Just like every other bank trading platforms, Nordea Investor provides access to trade all securities listed on, for example, Nasdaq,” suggesting “self-service customers can purchase cryptocurrency-related products through the platform, but it is important to emphasize that it is not something we recommend.”

Without enough advertising, big Northern European competitor, Danske Bank, has done approximately the identical despite not completely prohibiting: “We’re sceptical toward cryptocurrencies and are advising our employees not to trade them, but we don’t impose an actual ban. We’re currently analyzing the situation and time will tell whether there’ll be a formal ban.” While for its clients, “Due to lack of maturity and transparency in the various cryptocurrencies, we have decided not to provide trading of such securities on our various investment platforms,” Danske explained.

However, some specialists observe such ostensibly radical moves as precisely just banks hedging toward summoning regulators to crackdown on the industry. Nordea’s embargo, then, could be perceived as an insignificant setback to cryptocurrency and likewise a blessing to self-governance.

Whatever the predicament, Nordea’s definite process to control its employees was not disclosed.

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Tags: trading in cryptocurrency Nordea

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