Nordea Bank is free to prevent its employees from investing in Bitcoin and other cryptocurrencies in their own time, a Danish court ruled.
The risks associated with cryptocurrencies justify the restriction, according to a verdict published on the Copenhagen-based court’s website late Monday. Denmark’s union for financial industry employees had filed suit against Nordea, saying the ban interfered with employees’ personal lives.
In a January 2018 memo, Nordea told staff that “the risks were too high” because the cryptocurrency market isn’t regulated and had been linked to criminal activity, including money laundering. Employees might damage the reputations of Nordea and its customers, the bank said.
The restriction didn’t cover financial instruments tied to cryptocurrencies that Nordea had sold to clients; nor did it apply to any cryptocurrencies that employees might have owned before the ban.
“We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual,” Kent Petersen, the union’s chairman, said in a statement. “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.”
Copyright © 2023 iCryptome.com
- How Rising Bitcoin Holdings of May Push BTC Price Up Significantly
- Pakistan Police Bust Bitcoin Trading Extortionists, Authorities Fear Trend
- Block Crafters, Global Accelerating Program Selection of Participants Complete for ‘Block Crafters CHALLENGE X 2’
- INX Limited Partners with Entoro Capital to List NFTs Offered as Securities
- Big Move Ahead For Bitcoin If These Fractals Play Out
