Nordea wants to ban its employees to own and trade cryptocurrencies

Last week it was reported that one of the largest European banks Nordea wants to prohibit their employees to own or to trade cryptocurrencies. After the news, a Bank employee who wished to remain anonymous, have provided evidence that the company does have such plans.

12 January they tweeted the statement to the effect that Nordea Bank «prohibits all its employees (at least in Sweden) to own or trade BTC or any other cryptocurrency. This applies to the secretaries, IT staff, cleaners and any other staff working in the Bank. Is that even legal?», wrote Twitter user @samisin.

Nordea Bank AB owns assets of more than half a trillion dollars and is one of the largest banks in Northern Europe. It is known that the Bank executives have long been concerned about the cryptocurrency and the lack of regulation, and the last time they complained about the fact that bitcoin was allowed to exist, not adjusting to the traditional banking system, calling the phenomenon a «joke».

After the news, a Bank employee, expose the intentions of the organization, decided to document her story on condition of anonymity. According to the service notes, the management Board of Nordea Bank took this decision on 13 December 2017. The message was that no Bank employees must not trade bitcoin or other cryptocurrencies. However, what should the workers already owning a bitcoin is not specified.

Notes were taken from Yammer, a social network used by some companies for private communication. Network access is available by invitation only.

In the second announcement detailing the upcoming policies: the ban will take effect at the end of February due to the «highly speculative nature of bitcoin, including high investment risk and volatility and associated tax evasion and money laundering,» says the source. The new rules also States:

«Unless otherwise specified, the rules set out in this section apply to all transactions. So it doesn’t matter whether they are using a personal account on behalf of a loved one, client, group, or on behalf of the other party».

In addition, «any employee of or service provider is unable to trade bitcoins or other cryptocurrencies». Exceptions are possible if investments are made «in the financial instruments issued by Nordea and related cryptocurrencies. In addition, the prohibition does not apply to marginal investments in cryptocurrency produced by staff to support product development, which approved the relevant Department of the Bank», — explained in the note.

When an anonymous source asked about the attitude of staff to this situation, he replied:

«As for the employees, many are concerned about this, and they believe that such a policy – a road to nowhere, when it comes to their right to own any legal property, and was therefore filed complaints to the Union Finansförbundet».

Reportedly, as a result of «complaints from employees» Finansförbundet, representing the interests of employees of banks, intends to discuss a formal position on the issue during an internal meeting on Tuesday, January 16, 2018.

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