Danske Bank Sticks to Ban on Bitcoin Trading

Danske Bank is sticking to a ban on trading bitcoins and other cryptocurrencies on its platforms, despite increasing customer interest in digital currencies. Denmark’s largest bank reports this on its website.

 

Danske Bank points to the lack of transparency and regulation in crypto trading and the share price volatility of digital currencies. Furthermore, the high energy consumption when mining crypto coins is also in conflict with the objectives of the financial group to bank sustainably.

“We recognize that there is a significant global market for cryptocurrencies that many customers find interesting. But as a financial institution, we have a very cautious stance on digital currencies,” the statement said.

Danske Bank is under investigation by regulators in Europe and the United States for money laundering, and there are risks that cryptocurrencies could be used for criminal transactions.

Other banks in Scandinavia are also very hesitant when it comes to digital coins. For example, the Nordea banking group also has a ban on trading cryptos, including for employees.