Banking News

Danish courts support Nordea’s ban on staff cryptocurrency trading

nordea

Nordea won a legal battle in Denmark after a union took the bank to court over its ban on employees investing in cryptocurrencies, Bloomberg reported. The bank initially imposed the ban in January 2018, citing the high risks because the market is unregulated. As a result, there are potential links to criminal activity, including money laundering, and the bank was concerned about reputation damage.

The union for the finance sector objected. “We filed suit because there’s a principle that everyone obviously has a private life and the right to act as a private individual,” said Kent Petersen, the union’s chairman.

The bank is involved in several blockchain initiatives. It’s a member of the blockchain trade finance consortium we.trade and was the first institution to roll out the solution to its SME customers.

The Finish bank is also involved in initiatives to digitize trading in unlisted company shares alongside OP Financial. Additionally, it’s part of a consortium that aims to smooth the house buying process.