Rajarshi Mitra
Independent Analyst
- A lawsuit was filed against the bank by Denmark’s union for financial industry employees.
- The bank had warned its employees earlier that “the risks were too high” in trading cryptocurrencies.
According to a ruling by the Danish courts, Nordea Bank will now be able to prevent its employees from trading Bitcoin and other cryptocurrencies. This comes as a step to mitigate risks associated with cryptocurrency.
Previously, a lawsuit was filed against the bank by Denmark’s union for financial industry employees. The bank had reportedly circulated a memo in January 2018, which warned employees that “the risks were too high” to trade in crypto. Nordea noted that the crypto market is not regulated and the criminal activities associated with it such as money laundering.
Kent Petersen, the union’s chairman, commented on the bank's decision:
We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual. It was important for us and our members to establish what rights managers have. In this case, it was more far-reaching than what we find to be appropriate.
However, the Danish courts' verdict favored Nordea’s restriction of employees trading crypto in their free time. Previously owned crypto-assets will not fall under the ban.
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