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