Major Italian Bank Backtracks on Crypto Ban

ICYMI: no, UniCredit did not prohibit its customers from trading cryptocurrencies Italy cryptoban crypto

It also confirms that it does not invest in cryptocurrency either on behalf of its clients or with its own funds, in accordance with itsItalian crypto Twitter got riled up against UniCredit last week after it clarified that it had banned customers from dealing with cryptocurrency issuers and exchanges in response to a customer who claimed that the bank had threatened to close his account for transferring funds to crypto trading platforms.

Many cryptocurrency enthusiasts claimed that the bank would not be left in the dust by opposing new technologies, repeating the fate of such has-beens as Nokia, Kodak and Blockbuster. The Twitterati claimed that UniCredit was deliberately trying to lose customers, threatening to close the accounts. Disgruntled customers now assume that the bank is trying to save face by backtracking on its cryptocurrency ban.

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