Italian banking giant UniCredit has threatened to close the accounts of customers that are linked to crypto trading. According to the bank, their policies prohibit them from interacting with “counterparties issuing virtual currencies or acting as exchange platforms.”
UniCredit, the only systemically important bank in Italy, has revealed that it is in no way in support of cryptocurrencies. The revelation came after a customer raised concern that the bank had threatened to close his account over wire transfers to two cryptocurrency exchanges, Crypto.com and FTX.
The customer asked if it was stated in the bank’s policy that they could close his account for trading crypto. In response, UniCredit stated:
Hello, the current Group policies prohibit relations with counterparties issuing virtual currencies or acting as exchange platforms.
The stance is not so surprising as the Italian banking sector considers crypto to be an unregulated technology and has issued warnings to crypto investors. However, the Italian government has been making several moves to increase the adoption of the crypto industry in the country.
The new development could be harmful for Bitcoin traders and investors in the country as national bans tend to disrupt market activities, by increasing fear and anxiety amongst key players.
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