Milan-headquartered banking group UniCredit denied prohibiting its customers from trading crypto

According to a statement to clients yesterday, Milan-based banking group UniCredit, which boasts total assets of €811.1 billion, has denied banning its customers from trading cryptocurrencies.

UniCredit has denied banning its customers from trading cryptocurrencies

UniCredit said there had been a “misunderstanding.” Because the bank confirmed that it does not invest in cryptocurrencies on behalf of its clients or with its funds, consistent with its current policy.

Italian crypto Twitter spoke out against UniCredit last week after it clarified that it had banned customers from dealing with crypto issuers and exchanges in response to a customer claiming that the bank had threatened to close his account to transfer funds to crypto trading platforms.

Many crypto enthusiasts claim that the bank will not be left in the dust when opposing new technologies, echoing the fates of established players like Nokia, Kodak, and Blockbuster. Twitterati believes that UniCredit intentionally lost customers, threatening to close accounts. Disgruntled customers now say the bank is trying to save face by cracking its crypto ban.

In June, Consob, Italy’s top financial regulator, raised concerns about the uncontrolled growth of the crypto sector in the country. President Paolo Savona said that Italy could develop its regulatory framework for cryptocurrencies without concerted effort within the European Union.

“If it takes too long at a European level to come up with a solution, (Italy) will have to take its measures,” he stated.

Although cryptocurrencies have matured significantly in recent years, many traditional banking institutions are still hesitant to accept them. Last June, British bank TSB banned its customers from trading cryptocurrencies due to fraud concerns.

However, Banca Generali, Italy’s leading private bank, recently allowed its customers to buy and hold Bitcoin.

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