Italian Bank Penalized For Ceasing Crypto Miner’s Account Unjustly

• UniCredit, 2nd biggest Italian bank, was ordered to pay a penalty of a large sum for unjust closure of cryptocurrency miners’ accounts.
• This decision was taken in Banja Luka court in Bosnia and Herzegovina. Lawsuit was brought in court by Bitminer Factory.
• While several are still criticizing cryptocurrency for its potential role in Russia averting sanctions and conducting illegitimate activities.

Counter Of Crypto Miners

2nd biggest bank in Italy, dubbed UniCredit, was given an order to pay a sum of $144 Million following the unjust closure of a bank account associated with crypto miner. Even though bank lost to the cryptocurrency miner, it has re-appealed against the decision, so the lawsuit is not over yet.

This decision was taken in a court located in Bosnia and Herzegovina’s Banja Luka court. This case was brought to court by Bitminer Factory, a subsidiary of the Italian organization which claims itself as initial and largest farming organization in Italy.

The organization further stated that, closing of account became a burier for its Initial Coin Offering, with links to a startup project in digital asset mining industry with renewable power in Bosnia and Herzegovina. 

The bank has stated that it does not step into links or collabs virtual currency suppliers as well as exchange projects. This is something a majority of banks are doing all across the globe, including India, although, status quo is shifting.

The court stated that, bank did not exhibit any scripted laws which prevented it from interacting with customers in digital asset sector.

Watch Dogs Unleashed Amid Monetary Sanctions

While several are criticizing cryptocurrency for its potential role in Russia averting sanctions and facilitating illegitimate activities. However, it is banking sector which remains proving to be troublesome in this respect.

UniCredit also received spotlight for its Russian businesses. The bank declared recently that it is going to write off its Russian businesses entirely, involving cross-border exposure, and it will cost around $8.1 Billion.

It is also pledged to acquire its own stocks back. However, it will rely upon damages associated with Russia-linked assets.

European Commissioner have also penalized investment banks, involving WestLB (Now Portigon), UniCredit, UBS, RBS (Now Natwest), Nomura, Natixis, Bank Of America, for breaking antitrust laws on the European Union.

They are struck with a total fine of $407 Million for taking part in a European Governments Bonds trading cartel.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

Latest posts by Steve Anderrson (see all)