Swedish bank forbids 31000 employees from investing in Bitcoin or crypto

[polltroy]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

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[yoseph]

I am even wondering if this is even legal to begin with, no entity has the right to forbid anyone even if it’s their employees what to invest and what not to invest in. If the Banks have made their policy clear they can’t force its worriers on what to do.

[Mometaskers]

I don't think they can actually forbid employees from owning bitcoins considering it's not even illegal there. I'm not familiar with their labor codes though but it would be ridiculous if they can fire employees over this.

Also, isn't Sweden also in the process of developing their own cryptocurrency? Guess this might have something to do with that.

[P2Pfinder]

I worked in bank for many years (derivative board). I could say that in my country (Italy) bank employes can't play to casinò or invest on derivatives (futures & Options) and it was foreseen in the employment contract. So i'm not surprised about those kind of warning.

PS: i left bank (and about 5k eur monthly   ) just for countinuing to invest by myself on derivatives  

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

[Digital Mutant]

27000 employees will obey and 3000 employees will buy because they know that it is anonymous
they will ask to their grandma to open an account in a bank fo them and they will buy cryptos.

Bankers do not believe in crypto and do no want to believe
it is too dangerous for them, it is like going against oneself...

but there will be always people that go beyond and break the rules
that people will be abundant and weathy tomorrow!

[stompix]

Article (more details ) in English:

https://www.bloomberg.com/news/articles/2018-01-22/nordea-bans-employees-from-trading-bitcoin-spokeswoman-says

Nordea will impose its ban from Feb. 28, after its board agreed to take a stand due to the “unregulated nature” of the market, spokeswoman Afroditi Kellberg said by phone on Monday. The bank had about 31,500 employees at the end of the third quarter.

Nordea said its policy “includes transitional provisions for staff with existing holdings and allows for certain exceptions.” Employees who already own Bitcoin are “permitted to keep existing holdings.”

Nordea said its treatment of Bitcoin with regard to clients isn’t a policy as such, “but it’s important to emphasize that it is not something we recommend our customers to invest in,” the bank said in an email. “Just like every other bank trading platforms, Nordea Investor provides access to trade all securities listed on, for example, Nasdaq.” In practice, this means that Nordea’s “self-services customers can purchase cryptocurrency-related products through the platform, but it is important to emphasize that it is not something we recommend.”

I think here is a bit of misunderstanding here.
Since they do offer access for clients in trading crypto they have banned the staff and their traders to use the same channels.So the ban might be more of an internal one, the staff could do whatever they want in their private life and outside the bank. ....  or at least I hope so...

Either way, this is f*** up

[bitart]

Article (more details ) in English:

https://www.bloomberg.com/news/articles/2018-01-22/nordea-bans-employees-from-trading-bitcoin-spokeswoman-says

Nordea will impose its ban from Feb. 28, after its board agreed to take a stand due to the “unregulated nature” of the market, spokeswoman Afroditi Kellberg said by phone on Monday. The bank had about 31,500 employees at the end of the third quarter.

Nordea said its policy “includes transitional provisions for staff with existing holdings and allows for certain exceptions.” Employees who already own Bitcoin are “permitted to keep existing holdings.”

Nordea said its treatment of Bitcoin with regard to clients isn’t a policy as such, “but it’s important to emphasize that it is not something we recommend our customers to invest in,” the bank said in an email. “Just like every other bank trading platforms, Nordea Investor provides access to trade all securities listed on, for example, Nasdaq.” In practice, this means that Nordea’s “self-services customers can purchase cryptocurrency-related products through the platform, but it is important to emphasize that it is not something we recommend.”

I think here is a bit of misunderstanding here.
Since they do offer access for clients in trading crypto they have banned the staff and their traders to use the same channels.So the ban might be more of an internal one, the staff could do whatever they want in their private life and outside the bank. ....  or at least I hope so...

Either way, this is f*** up

Interesting, I just trying to find the reason behind the regulation.
1. They're trying to protect their employees from the heavy losses that possibly happens when someone is trading crypto.
2. They're trying to stop crypto trading internally, because if the employees can't trade, they won't recommend it to customers, so they're protecting their customers
I just don't get the point, what is the exact activity they're trying to ban, how the stuff at the banks can trade crypto. In my opinion, they're banning the stuff from buying derivatives in connection with crypto.
I don't think that the staff is using the crypto exchanges at work on the bank's PCs while they're doing their daily job, so I think they just trying to stop staff to buy that derivatives. Anyway, staff can trade on smartphones as well, if they really want to, so it's a bit pointless to ban trading on crypto exchanges.
Another point if banks are contacting exchanges if the employees are registered or not, and if they're verified or not, but I just can't imagine this can happen yet...

[andrei56]

I don't think they can actually forbid employees from owning bitcoins considering it's not even illegal there. I'm not familiar with their labor codes though but it would be ridiculous if they can fire employees over this.

Also, isn't Sweden also in the process of developing their own cryptocurrency? Guess this might have something to do with that.

Sweden is one of the countries which is leading the war on cash and there are plans to eliminate cash completely in their country, if this is the case then it is possible to enforce those rules against their employees since they will have no way to buy crypto since everything will be there on their bank statements, this is extremely dangerous, we are slowly reaching 1984 levels of surveillance and people just accept it, not realizing how dangerous it is.

[Simple_Man]

You really can't expect anything better that this from the banks. They have declared open war against cryptocurrency and this is Just another addition to the list of harassment. Many more to come to our way. Just to add that indian banks have suspended the accounts of 6 Indian bitcoin exchanges including the biggest one zebpay. These are unethical things banks are trying because the popularity of Crypto market is growing every day.

[tuskacz]

LOL how they can force people not to invest their earned money. It is none of their business. They are simply afraid that bitcoin is powerful because they will not be able to take over user accounts like they did during cyprus crisis while millions were confiscated by greedy banksers as bailout to rescue banks.

[BitHodler]

Catchy title for this article, but not really something that's very interesting. It's pretty understandable that if your employer tells you to not do this or that on the working floor, you abide by these rules. It's that simple.

Whatever these employees do in their private life outside the working hours is up to them. It's even impossible for an employer to forbid something that can't be checked in their free time to see if the employees really abide by these rules.

I have read an article a few days ago where South Korean soldiers weren't allowed to visit crypto exchanges, and again it's very understandable. In working hours you do what your employer tells you to do.

[Seyffertt]

Sweden are a bunch of cucks, western cancer

[darkfox12]

Trying to disassociate themselves from any blowback if they allowed it and BTC did crash causing heavy losses.  Also, this could be a way to ensure there are no conflicts of interest between employees and bank customers?  Sort of like disclosing that you don't own any investments in the equity you're promoting.  It would be harder to say, oh I don't own any BTC and then go and promote it to all your customers when you actually do.

[countryfree]

Sure. The bank also said that his employees shall not travel to Riga to visit brothels, that they shall not use dope, that they shall not drink anything with alcohol, that they shall go to bed at 9, and not forget to brush their teeth.

What a bunch of morons!

[Fileiro]

Funny how these type of FUD posts are always coming from fresh newbie accounts..

[Fileiro]

Sweden are a bunch of cucks, western cancer

Don't you mean 'Swedistanis'

[JesusCryptos]

I am even wondering if this is even legal to begin with, no entity has the right to forbid anyone even if it’s their employees what to invest and what not to invest in. If the Banks have made their policy clear they can’t force its worriers on what to do.

Of course it cannot be legal. Especially as Bitcoin is not legally recognized as "money" or a "security" or anything different from a collectible. So it is an arbitrary decision with no legal basis.

[kojoannan]

2018 will see bitcoins and altcoins getting attack from big banks and cooperation so this news is not wonder. But in fact these manager of such banks and companies will be secretly buying into crypto.

[PinkCrypto]

Sure, they don't want to lose their employees!!!

[Seyffertt]

Sweden are a bunch of cucks, western cancer

Don't you mean 'Swedistanis'

captain sweden triggered

[ponicita]

Bitcoin is anonymous and decentralized, good luck bank trying to find them 

[Searing]

27000 employees will obey and 3000 employees will buy because they know that it is anonymous
they will ask to their grandma to open an account in a bank fo them and they will buy cryptos.

Bankers do not believe in crypto and do no want to believe
it is too dangerous for them, it is like going against oneself...

but there will be always people that go beyond and break the rules
that p


people will be abundant and wealthy tomorrow!

Imagine a world where Satoshi, went to the banks and had a patent for them on blockchain...today we'd be looking at a growing class of Trillionaires..in that they would still charge
the same rates and be able to move $$$ via crypto w/o any real fees

not to mention the savings on labor etc....so a 1-2% transaction fee for everything banking wise yet...with no real costs

they would kill

the above is what has the bankers really pissed at BTC/crypto and Satoshi...what was he thinking? They could all be 10x to 100x richer if he had just done the above

(ah the hate, let it flow off the bankers, into the dark side of the force)

[alyssa85]

I am even wondering if this is even legal to begin with, no entity has the right to forbid anyone even if it’s their employees what to invest and what not to invest in. If the Banks have made their policy clear they can’t force its worriers on what to do.

I'm not sure it is legal either - Sweden hasn't banned bitcoin and individuals should be able to do whatever they like with their own money.

[digaran]

Sure. The bank also said that his employees shall not travel to Riga to visit brothels, that they shall not use dope, that they shall not drink anything with alcohol, that they shall go to bed at 9, and not forget to brush their teeth.

What a bunch of morons!

Thou shall not jump prostitutes? only if I wasn't a fan of them, poor women trying to earn money to make a living. Swedish bank forbids 31000 employees, I simply don't care, because there are 7 Billion people free to invest on Bitcoin and my activity tokens to further my cause which is to achieve nuclear capability and bomb the entire world, because I'm a terrorist, forbid me from doing that if you can.
To those 31000 employees, you could use Chipmixer to hide your Bitcoins.
(note, I'm trying to impress don DarkStar_leone in order to get a half spot in the big family).
What you don't like me? I have a good excuse for my behavior a.k.a a man has got to eat right? lol in magnitude of 7.4.

[Sithara007]

Bitcoin is anonymous and decentralized, good luck bank trying to find them 

Bitcoin is anonymous, but fiat is not so. How can you purchase Bitcoins 100% anonymously? You need to provide fiat cash payment in order to receive Bitcoins in your account. If you are making the payment using your bank account or credit card, then the transaction can be easily traced back to you. One option is to use someone else's bank account.

[Jet Cash]

This seems to be another bit of false reporting and nonsense. If I owned a bank, I wouldn't want staff speculationg in Bitcoin through currency exchanges, especially in these times of extreme volatility. They don't seem to be banning the holding of Bitcoin, but just the speculation in it, and that is reasonable, as heavy losses could temp staff into theft.

[realcrypto]

The swedish bank do not have any right to forbid any employee from investing in bitcoin or crypto because the employees are taking their personal risk it will not in any way affect the bank.

[Fileiro]

Sweden are a bunch of cucks, western cancer

Don't you mean 'Swedistanis'

captain sweden triggered

Haha not even close. I just happen to live there for the moment.

And I was actually agreeing with your original assessment of the Swedes but your IQ obviously left you incapable of deducting this from my reply.

But now that i know you're 'special' I promise not to make fun of you <3

[eternalgloom]

I'd really like to see an accurately translated version of that article.
If this is true, I'd not be too happy working for that bank... Who are they to tell their employees what to do with their own money?

And again we're seeing Bitcoin being tied to criminal activity, if Bitcoin was a person, I'd call it defamation.

[johnniecarlson781]

Actually,  its not a big deal and not so much effective to stop the activity of Bitcoin. Some countries authority or administration is not allowed the Bitcoin transaction but it is not so much effective on total growth.

[Eterbank]

Absurd thing to do. Lol like fiat currency is not used in illegal activities. This just shows that crypto is on correct way to disrupt banks.

[mOgliE]

Hi,

No, it is not an attempt to market the price decrease. And if it is, it is completely ridiculous. The bank as much more means to make a price go down. A few employees selling bitcoin will not make it crash.

I sincerely think that it is simply an attempt from the bank to discourage its employees. Just because bitcoin is still presented in mass media as a tool of the dark/deep web, most people are reluctant to invest. But some do and actually more and more people are buying a few satoshis...

For the banks, this is the real threat. Because they know that if the trend get spread, then people will realize that banks are making them pay for services tthat should be free and on top of that, using their influence to keep control of the market. This is their problem. And this is why they don't want their own employees to possess bitcoin.

I see no threat here, no revolution. Just a fearfull banking institution.

[Seyffertt]

Sweden are a bunch of cucks, western cancer

Don't you mean 'Swedistanis'

captain sweden triggered

Haha not even close. I just happen to live there for the moment.

And I was actually agreeing with your original assessment of the Swedes but your IQ obviously left you incapable of deducting this from my reply.

But now that i know you're 'special' I promise not to make fun of you <3

i'm not joke about you

my phrase was ambiguous, but you a little moron

[just_Alice]

No wonder it has "finally" happened. Now that governments and banks realized that Bitcoin is a way for self-policing and their full powers will begin to be on the wane they're trying to prohibit it, like in China and South Korea, or, in more democratic countries just to draw people over, lure them away. The question is what will people choose: freedom, or yielding to pressure.

[LFC_Bitcoin]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

I’d tell them to fuck off, I don’t see how they can legally force this.

[VanKleiss]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

The banks have no right to forbid their employees to get involved in cryptocurrency. Besides having cryptocurrency is not a criminal offense. These banks will surely collapse if they didn't adopt blockchain technology.

[BrewMaster]

how do you actually "prevent" people or your employee even from investing in bitcoin? i mean it is a decentralized market and holding it doesn't need anyone in the middle. you are your own bank and you buy it from others, you don't even have to use a bank for that!

besides it seems like this is more of a warning, as all the rest of the world have warned the newbie investors.

[sabine80]

so sad for the employee. but i think the bank cannot forbid it. the bank can not make a law. people are free and they can still invest in bitcoin. for me is this only a advice, but not a law. its the same as the bank says do not use drugs. but some people will do it nevertheless.

[wiser]

Bloomberg has demonstrated that when it comes to cryptocurrencies, they don't really know what they're talking about. See this article: https://dcebrief.com/bloomberg-editors-reveal-how-little-they-know-about-bitcoin-or-cryptocurrency/

With that said, I wish the bank luck in trying to ban their workers from investing in cryptocurrencies. If they're just saying they can't trade on the clock, that's fine. If they're trying to tell them what they can do at home after hours, that's way too intrusive unless that activity itself were to become illegal. Current Nordea employees have until February 28th to purchase whatever cryptocurrencies they want to hold, and then they can keep holding them according to the article. So... maybe there will be a mini-pump from Scandinavian exchanges towards the end of next month? There might be some employees leaving Nordea to go work for some other bank that has no such ban. That's probably what I would do in that situation. Probably the majority of the workers won't really care about it and will go on ignoring cryptocurrencies like they have up until now.

[ZainSpider]

Thats a terrible news, Wonder what's going on, one after one there has been so many bad news coming,

[Md Saad]

That's really a frustrating news for this platform, last a couple of days are not in favour of this blockchain system. the price is decreasing at a high rate, people are becoming afraid of this platform day by day. But time will change, I think most of the government are getting scared of this system but they don't declare it as an illegal activity they always say that it's too risky to invest.
So you must have to take a risk if you want to make a profit from your investment, I think this platform as risky as your profit. you will get also a large amount of money if you can overcome it.

[gabmen]

I don't think they have the right to tell people where to put their money in. Goes to show that some banks would go to such measures probably because they're afraid of bitcoin. I'm not sure if they can monitor every one of those 31000 employees if they want to invest in btc

[TheKeyLongThumbI]

Are they law? But I'm not surprised really because they might be felling they only have few days left reigning as the industry who controls the flow of money. If I'm in their place, I would also do such crazy things just to get rid of bitcoin.

[oddwh]

... And what will they do if you invest ? 

That's the kind of interdiction where everyone says "ooooh, such a bad news", and 3 months later, even employees themselves have forgotten about it.

[x8664amd]

Bitcoin is anonymous. There cannot tell if you have invested in the currency.

[ajjhu]

I think this is impossible. If a bank is illegal in doing so, they have no right to ask employees not to invest, and the investment is not illegal, at least not now. Investing in bitcoin is inherently anonymous and banks know how they can prove they infringe on your privacy if they know it.

[Scorpion]

Well this bank will someday fade in to obscurity because they're so thick skulled about accepting the new age of secure digital currency. It's just one bank though this probably does not represent the Swedish government or people of that nation.

[bug.lady]

I want to relay to

I am even wondering if this is even legal to begin with, no entity has the right to forbid anyone even if it’s their employees what to invest and what not to invest in. If the Banks have made their policy clear they can’t force its worriers on what to do.

and

I don't think they can actually forbid employees from owning bitcoins considering it's not even illegal there. I'm not familiar with their labor codes though but it would be ridiculous if they can fire employees over this.

Also, isn't Sweden also in the process of developing their own cryptocurrency? Guess this might have something to do with that.

The thing is that the basis behind some investing activities ban is not law per se but a company code of conduct. It may be considered unethical to engage in certain activities for employees of a company, even if they are perfectly legal. The forbidden activities may involve publicly promoting certain attitudes, activities being on the borderline of legal and illegal (like buying gifts for the company representatives you cooperate with) or certain investing activities.

I have seen such codes of conduct very frequently. Many friends of mine cannot engage in investing activities without having an explicit OK from the company for each investing case.

I think this is also the case here, in the story from this article.

[Jet Cash]

It's interesting that they say "investing" rather than "speculating". At least they recognise that Bitcoin is an asset and not just a method of gambling.

[Shreek]

this is a risk for people who have crypto or bitcoin in a country that does not support crypto or against crypto, they will always feel discrimination from all sides. as is the case in india. The Indian Government takes firm action against anyone who transacts with bitcoin or crypto. so, I think this is a big challenge.

[freightjoe]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

Clearly they want employees with common sense

[freightjoe]

world is changing rapidly but banks are still in stoneage

The bank is clearly feeling some level of prudent responsibility unlike people in here

[lionheart89]

Bank says its too risky the employees get involved in Criminal or unethical activities. Bank also encourages those who already have invested in crypto to sell.

I would assume this is a small attempt by the bank to help lowering the market price...


https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=https%3A%2F%2Fwww.nyteknik.se%2Fdigitalisering%2Fnordea-anstallda-forbjuds-handla-med-bitcoin-6894565&edit-text=

perhaps it is an attempt to prevent employees from losing their money, because bitcoin investment is very risky. besides that maybe Sweden is afraid of fiat money is replaced by bitcoin so as to make the state finance unstable.

[ilyashpakin2015]

Now a lot of people earn on the crypto currency invest in investing or earning in other ways.

[freightjoe]

Well this bank will someday fade in to obscurity because they're so thick skulled about accepting the new age of secure digital currency. It's just one bank though this probably does not represent the Swedish government or people of that nation.

It is the largest bank in Sweden, Finland, Denmark and Norway....

[InformerKin]

This doesn't suprise me at all. Banks are scared and will be scared of cryptocurrencies.  The fact is that keeping money on your local wallet is far more safe than in a bank these days.