Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $0.004.09% 24H
    BITCOIN
    24H : 4.09%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.007.46% 24H
    ETHEREUM
    24H : 7.46%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.007.16% 24H
    BNB
    24H : 7.16%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.003.89% 24H
    XRP
    24H : 3.89%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.008.51% 24H
    CARDANO
    24H : 8.51%
    Volume : $0.00
    Marketcap : $0.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.004.91% 24H
    TERRA LUNA CLASSIC
    24H : 4.91%
    Volume : $0.00
    Marketcap : $0.00
Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
Coinscreed
No Result
View All Result
Home Bitcoin Price

UniCredit Fined for Illegally Closing Crypto Mining Company’s Account

Busayo by Busayo
10 months ago
in Bitcoin Price, News
Reading Time: 3 mins read
A A
Share on FacebookShare on Twitter
UniCredit, an Italian banking firm, has been fined $144 million for allegedly closing accounts belonging to a crypto mining company.
UniCredit Fined for Illegally Closing Crypto Mining Company’s Account

Following a case brought by a subsidiary of the crypto mining business Bitminer Factory, a district court in Banja Luka, Bosnia, and Herzegovina, has determined that UniCredit’s branch office in the nation would pay a fine of €131 million ($144 million) in damages. 

UniCredit’s local branch in Banja Luka was accused by Bitminer Factory’s subsidiary of erroneously closing its current accounts. The closure “prevented the Initial Coin Offering (ICO) related with startup ventures in the cryptocurrency mining sector using renewable energy in Bosnia and Herzegovina,” according to the crypto mining firm.

SuggestedArticles

Man City FC, OKX partner for metaverse collectives

Man City FC, OKX partner for metaverse collectives

5 hours ago
Reliance Retail chain rolls out support for CBDC payments in stores

Reliance Retail chain rolls out support for CBDC payments in stores

6 hours ago

Due to the country’s low energy tariff, the company established mining activities in Bosnia and Herzegovina and opened bank accounts with UniCredit. The UniCredit subsidiary stopped accepting them to withdraw proceeds from the sale of mined crypto to their accounts, claiming that it could not support crypto businesses and suppliers.

The bank, on the other hand, was unable to show that it had any written regulations prohibiting it from doing business with crypto-based companies, according to the court.

UniCredit, meanwhile, is dissatisfied with the decision and has apparently filed an appeal. The sentence ā€œis not definitive, binding, nor enforceable,ā€ adding: ā€œPossible liability will be determined only by the definitive outcome of all available procedural remedies and not before the filing of a definitive and binding sentence by the appeals court.ā€

Following a response to a Twitter user in January, the Italian banking giant received backlash from the bitcoin community as well as customers.

ā€œHello, the current Group policies prohibit relations with counterparties issuing virtual currencies or acting as exchange platforms.ā€

Banks have refused to service accounts belonging to crypto holders in certain instances, according to UniCredit. HSBC, a European behemoth, stopped digital asset exchange transactions in the United Kingdom in 2021.

Other large banks, on the other hand, appear to have reversed their anti-crypto position and are now providing such assistance.

The Commonwealth Bank of Australia (CBA), Australia’s largest bank, stated it would offer more crypto services to its clients, as previously reported by CryptoPotato.

Tags: AccountcompanyUnicredit

Oh hi there šŸ‘‹
It’s nice to meet you.

Sign up to receive a weekly round-up of the latest happenings in the crypto space!

We don’t spam! Read our privacy policy for more info.

Please check your inbox or spam folder to confirm your subscription.

Coinscreed

Copyright Ā© 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Contact Us
  • Partners
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes

Copyright Ā© 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Join our Telegram ChannelĀ 

Stay on top of Crypto News! Get Daily updates

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!