Nordea Bank cryptocurrency news (December 09, 2029) – Danish courts handed a victory to traditional banks. The fight centers around preventing employees from investing in bitcoin and cryptocurrencies during and father business hours; infringing on their rights to financial freedom.
The lawsuit, filed by Nordea Bank, asked the court to intervene early this year. The bank aims to keep its employees from using their free time to invest in bitcoin and/or altcoins.
Nordea Bank justification for employees bitcoin trading ban
Nordea’s central argument is that, the employees can do harm to the bank’s reputation. It also claimed, employees can inflict damages to the bank’s client base if partaking in bitcoin investments on and out of working hours.
According to the ruling, no Nordea Bank employees are allow to invest in bitcoin or cryptocurrencies because of the risks involved.
Denmark’s union, which represents employees working in the financial industry filed a counter-suit against the bank on January 2018. In the lawsuit, they claim the “the risks trading crypto were too high.”
Nordea Bank used the ground for banning its employees from investing in the cryptocurrency market due to lack of regulation and high criminal activities by bad actors.
Union chairman, Kent Petersen, explained the decision:
“We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual.”
Mr. Petersen continued:
“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.”
In spite of Mr. Petersen and the union’s efforts, the courts sided with Nordea Bank. The ban on employees that prevents them from trading or investing in bitcoin or cryptocurrency on and out of banking hours was upheld.
Is it right for the courts or banks to interfere in employees right to invest in bitcoin or cryptocurrencies. Even if those trades are taking place out side of working hours? What are your thoughts?
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