This post was most recently updated on December 2nd, 2019

Today November 29 Bloomberg reported a police operation in the headquarters of the Deutsche Bank with two employees suspected for involvement in money laundering. The stock fell almost 5% following the scandal.

Deutsche Bank is known for its criticism of bitcoin calling it a risk for criminal activity. The bank has been reported many times for links to the Panama Papers scandal, and they paid more than $18 billion in fines in the last 10 years.

Bloomberg reported citing prosecutors:

Deutsche “may have helped customers in setting up seaward organizations in assessment sanctuaries.”

They also added:

“Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money,”

The Irony of banks that criticize Bitcoin getting caught in illegal activity.

Philippe Vollot the Global Head of Anti-Financial Crime at Deutsche Bank called for more regulations for cryptocurrencies because of their attractiveness for criminals.

He stated:

“Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have the same financial crime protection rules as traditional payment solutions.”

The bank issued warnings in January for their clients to not invest in bitcoin because of the risk of losing everything.

In April 2018 Express reported:

“ DEUTSCHE BANK has called for stricter rules for cryptocurrencies like bitcoin in order to dull the volatility of the digital coin and make it less attractive to criminals.”

While Bloomberg reports that only one bank has paid more fines than Deutsche Bank in the last 10 years and it is the Royal Bank of Scotland. Many other European banks accusing bitcoin of illegal activities have been caught breaking the law in financial crimes.

Another scandal happened this month which involved 16 Big Banks accused of Currency Market Manipulation.

What is your opinion about Deutsche Bank the recent scandal, and the attitude the banking sector has about bitcoin and cryptocurrencies in general? Feel free to post your opinion on the comments below.