Nordea Bank banned its employees from cryptocurrency investments during their free time. A memo was released to warn the employees about the high risks attached to cryptocurrency trading. However, the bank’s decision did not go well the employees such that the union for financial industry employees in Denmark intervened.

In January 2018, the union acted by filing a suit against Nordea bank. Kent Petersen, the chairman of the union commented about the decision of the bank:

“We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual…It was important for us and our members to establish what rights managers have. In this case, it was more far-reaching than what we find to be appropriate.”

The bank’s justification cited lack of regulation in the cryptocurrency industry and the use of cryptos for criminal activity, as well as money laundering. The bank further maintained the possibility of its employees damaging the bank’s and clients’ reputation through Bitcoin investment, even in their own time.

In spite of the efforts by the union, the courts in Denmark have ruled in favor of the Bank. That is, it can legally restrict its employees from crypto investment in their free time. It can prevent them from trading Bitcoin as well as other cryptos.

The verdict maintained that Nordea has the freedom to restrict its workers based on the risks related with cryptocurrency.

The ruling is not applicable to the cryptos acquired before the ban.