Danish Lender Rejects Cryptocurrencies Over AML Concerns

Law360, London (June 18, 2021, 2:59 PM BST) — Danske Bank said on Friday that it will not allow clients to trade cryptocurrencies on its platform despite their growing interest, saying the lack of transparency of digital assets means they are open to being used for financial crime.

Denmark’s biggest lender said that it has banned trading in Bitcoin, Ethereum and other cryptocurrencies, as the assets can be used for money laundering and can make it hard for finance companies to meet regulatory obligations.

Danske Bank A/S, which has been investigated for money laundering, also warned that the pricing of cryptocurrencies is “opaque and highly fluctuating.” It added that consumers do…


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