A Danish court has ruled that Nordea Bank, which is based in Helsinki, Finland and operates in northern Europe, can prohibit its employees from investing their money in Bitcoin and other cryptocurrencies.
The recent ruling exemplifies why supporters view cryptocurrency as a social movement, in addition to being a go-to technology for streamlining backend processes and facilitating cheaper transactions.
Despite an employee seeking to purchase Bitcoin or other crypto after working hours, the court ruled on Monday that the risks involved with BTC and crypto purchases outweigh the opportunities they present to investors.
According to the ruling, the bank’s officers acted appropriately and within the boundaries of management law by prohibiting employees from investing privately in cryptocurrency.
“The reason for prohibiting employees from investing in cryptocurrency is that risk is considered to be too high and the protection of both employees and the company must be good enough. Contrary to trading in securities and currencies, trading in cryptocurrency is not regulated by any government, and investors are not protected from unfair trading practices and money laundering when dealing with cryptocurrency.”
Nordea’s employee rules, which were revealed in the verdict, cite exceptions for certain Bitcoin and crypto holdings.
“The prohibition to invest in cryptocurrencies does not include investments in financial instruments manufactured by Nordea linked to cryptocurrencies. Further, the prohibition does not cover minor investments in cryptocurrency made by employees in product development roles who have a work-related reason to do so…”
Kent Petersen, head of Denmark’s Financial Services Union (Finansforbundet), filed suit against Nordea on the grounds that the ban infringed on privacy rights, reports Bloomberg.
“We filed suit because of the principle that everyone obviously has a private life and the right to act as a…