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Unauthorized account closure of bitcoin mining company costs UniCredit €131 million

 


UniCredit has been fined €131 million for closing accounts of a crypto mining company without permission.


A Bitcoin mining company in Bosnia and Herzegovina has won a lawsuit against UniCredit for illegally closing the company's accounts.


The Italian banking giant has been ordered to pay a €131 million fine for allegedly shutting down accounts owned by a crypto mining company.


The District Court in Banja (Bosnia and Herzegovina) has ruled that UniCredit branch will pay €131 million in damages after a subsidiary of crypto mining company Bitminer Factory filed a lawsuit.


As reported by local news agency La Repubblica, Bitminer Factory's subsidiary accused UniCredit of simply closing its current accounts at the bank's local branch in Banja Luka. According to the crypto mining company, this has prevented the Initial Coin Offering (ICO) related to startup projects in the cryptocurrency mining sector using renewable energy in Bosnia and Herzegovina.


Due to the country's low energy tariffs, the mining company has settled in Bosnia and Herzegovina and opened bank accounts with UniCredit. Until the accounts were blocked, the company was able to withdraw funds from their accounts without any problems. Suddenly, however, this was prevented by the UniCredit subsidiary with the declaration that it could not serve crypto companies.


However, the court found that the bank failed to demonstrate written regulations requiring the bank to enter into business relationships with crypto-based firms.


UniCredit has appealed the verdict. According to the bank, the rate is not final, binding or enforceable. She added:


"Potential liability will be determined only by the final outcome of all available legal remedies and not prior to the submission of a final and binding judgment by the Court of Appeals."


As early as January, the banking giant let it be known that they had something against cryptocurrencies. In response to a question from a Twitter user, the company wrote:


“Hello, current corporate policy prohibits relationships with counterparties that issue virtual currencies or act as exchange platforms.”


UniCredit isn't the only bank that doesn't want to offer accounts for crypto holders. In 2021, HSBC blocked transactions from crypto exchanges in the UK.

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