The two largest banks in Scandinavia, namely Nordea and Danske, have expressed their open aversion to cryptocurrency. Nordea Bank AB released a memo to its employees effectively dis-allowing them to trade cryptocurrency. According to Afroditi Kellburg, a spokesperson for the bank, the regulation is set to take effect on February 28. Kellburg notes cryptocurrency’s “unregulated nature” as the reason for the decision. However, Nordea will allow employees with current cryptocurrency holdings “certain exceptions”. Any of the bank’s more than 30,000 employees will be able to retain crypto holdings they currently have.
Meanwhile, Danske Bank A/S are similarly dissuading its staff from engaging in digital currency trading. According to Kenni Leth, the spokesperson for Danske: “We’re skeptical toward cryptocurrencies and are advising our employees not to trade them, but we don’t impose an actual ban… We’re currently analyzing the situation and time will tell whether there’ll be a formal ban.” Leth explains the definitive reason for Danske’s reluctance to be involved with cryptocurrencies: “Due to lack of maturity and transparency in the various cryptocurrencies, we have decided not to provide trading of such securities on our various investment platforms.”
Casper von Koskull, Chief Executive Officer of Nordea, describes Bitcoin as “absurd”. He also highlights the criticisms that the digital currency is used to commit financial crimes. Raymond Frenken, a spokesperson for the European Banking Federation, declares the absence of any regulation with regards to the use of Bitcoin. Both Nordic banks do not offer products that will allow their clients to be involved in any form of cryptocurrency.