Denmark’s largest bank blocks cryptocurrency trading, issues warning

Danske Bank, Denmark’s largest bank based in Copenhagen, has warned customers about cryptocurrency investing, and blocked trading until the market becomes “more transparent and mature”.

The argument goes that, because crypto is not supported by a central bank, the usual protections are not in place to ensure consumers are not caught out. In addition to this, the lack of regulations has meant that criminals have embraced the crypto movement.

The statement reads: “For these reasons, it is not possible to trade cryptocurrencies on the bank’s trading platforms. However, the bank does monitor the market closely, and if the cryptocurrency market becomes more transparent and mature, the bank might reconsider this position.

“We do not in any way want to support the investment environment surrounding cryptocurrencies.”

CCN