[2018-01-23] Northern European Bank Nordea Confirms Bitcoin Ban for Employees

[Terraformer]

As News.Bitcoin.com learned two weeks ago, one of Europe’s largest banks, Nordea, will enact a company-wide policy to effectively ban its employees from owning or trading in cryptocurrency. Citing risks and perhaps looming regulation, the bank decided to act preemptively.

Nordea Bank Bans Bitcoin for Employees

Most of the 31,000 Nordea Bank employees by Spring won’t be allowed to own or trade in cryptocurrency, according to a bank-wide policy to be enacted at the end of next month. One of Northern Europe’s largest banks, Nordea has had a tenuous relationship with bitcoin over the last few years. Its present executive team is on record as either being dismissive or openly hostile to decentralized digital currency.

Barely two weeks ago, a company whistleblower reached out to News.Bitcoin.com to explain the bank was indeed considering such a move, upsetting some employees. This week the bank confirmed to mainstream media sources such as Reuters and Bloomberg the policy was indeed 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 hold the currency as of the ban won’t be asked to sell them. The bank is, however, recommending they do exactly that, sell.

The bank explained 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,” citing the standard worries about volatility and supposed criminal usage.

Clients and Rivals

Nordea was forced to address the issue of advising clients who’re interested in the crypto boom, insisting, “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,” meaning “self-services customers can purchase cryptocurrency-related products through the platform, but it is important to emphasize that it is not something we recommend.”

Without much fanfare, large Northern European rival, Danske Bank, has done roughly the same sans complete prohibition: “We’re skeptical 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.” As 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 clarified.

Still, some experts view such seemingly drastic moves as really just banks hedging against inviting regulators to crackdown on the industry. Nordea’s ban, then, could be seen as less a blow to cryptocurrency and more a boon to self governance.

Whatever the case, Nordea’s exact way to monitor its employees was not revealed.

https://news.bitcoin.com/giant-european-bank-confirms-bitcoin-ban-for-employees/

[1Referee]

No way the employees will completely agree with this. As professional, they will of course tell their higher authority that they have sold everything, but in private, I very much doubt that any of these bank employees will sell their crypto assets. It would be stupid to do so, mainly because of the fact that you can do whatever you want when you're not working, as long as it isn't illegal of course. The article also states that it isn't clear on how to exactly monitor their employees, which likely comes from the fact that it is impossible to do outside the professional atmosphere. It's even illegal for an employer to 'infiltrate' in someones private life. The only thing they could effectively do, is monitor the social media activities of their employees.

[peter0425]

WTF? I don't understand the reasoning behind all of it, and for me its means one thing: They are waging wars against bitcoin. Sadly, those employees have no choice but to follow, otherwise they will be kick out.

But they don't have the right to impose such strict policy. This is very illegal specially if you trade outside of the working hours. They should at least inform their employees to think twice before investing on bitcoin because of the risk involved.

Bitcoin is unstoppable, I don't think such policy will be followed 100%. I'm sure employees know this is illegal, its crossing their personal choice here. Not good.

[CryptoComes]

How do they monitor actual holding of cryptocurrencies?