Bitcoin Ban Upheld at Danske Bank Amid Growing Client Demand

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Danske Bank A / S says that despite growing customer interest, it will not lift a ban on trading Bitcoin and other cryptocurrencies on its platforms.

Denmark’s largest bank pointed to a lack of transparency and regulation in crypto trading statement on his website. It also warned of volatile and “opaque” prices and noticed that the carbon footprint of mining cryptocurrencies is at odds with Danske’s goal of sustainable banking.

“We know that there is a significant global market for cryptocurrencies and that many customers find cryptocurrencies interesting,” the bank said. “As a financial institution, however, Danske Bank is taking a very cautious approach for a number of reasons across from Cryptocurrencies. “

Read more: Saxo Launches Crypto FX Trading Amid “Strong Demand” From Client

Danske, who is still under investigation for money laundering in the US and Europe, is particularly sensitive to the risk of crypto assets being used for financial crime. Meanwhile, Bitcoin and its competitors are growing in popularity as several corners of Wall Street offer services that customers can trade with.

The head of the Swedish financial regulator Erik Thedeen warned earlier this week of a “significant risk” that crypto assets could be used for criminal purposes. “Financial firms need to wonder whether they are really investing in such assets or promoting their growth,” especially when they “do not have obviously valuable legitimate use,” he said.

Thedeen also said the carbon emissions caused by bitcoin mining are another reason companies should “think carefully” before touching such crypto assets.

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