[2018-05-11] Norway’s Largest Bank Has Won a Case Against a Local Cryptocurrency

[Vladdirescu87]

The district court of Oslo has ruled in favor of the country’s financial market giant Nordea Bank. Given the possible emergence of issues concerning money laundering and other illegal businesses, the bank has a legitimate right to close the account of the cryptocurrency exchange Bitmynt AS.

“The court finds it clear that this risk constitutes an objective reason for the bank to deny customer relationships under the Financial Contracts Act §21,” the Norwegian court stated.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/norway-bank-won-case-against-cryptocurrency-exchange/

[dE_logics]

Another example of governments having problems tolerating crypto unless they control it.

[jjacob]

This is not surprising at all. Banks are not obligated to provide services to all and sundry. They have their terms and conditions and if they suspect that providing services to cryptocurrency companies because of heightened risks, then they are well within their rights. Some banks even refused to provide services to American citizens.

[Harlot]

The Norwegian Court must be dumb to think about one bank account can be considered as a threat to other bank accounts. Thinking that one account can possibly be use for criminal activity simply makes other Bank accounts of Nordea the same, it does not make any difference that their bank account is being used to transfer money to their customers. I see how this legal issue goes, but I don't see anyone getting arrested as punishment which means there is doubt on the evidence presented by Nordea against the exchange. Trading cryptocurrency in Norway isn't even illegal, I don't even know how did they convinced their court to ban their account.