Friday, February 3

UniCredit does not prevent its customers from buying cryptocurrencies

according to a releaseMilan-based banking giant UniCredit does not prevent its customers from buying cryptocurrencies. In particular, it was a small misunderstanding, officially cleared up a few hours ago.

Specifically, via Twitter, UniCredit confirms that it does not intend in any way to prevent its clients from spending their money in the cryptocurrency market. Although, he reiterates that he is not interested in investing in it, neither for himself nor for clients, and without prejudice to the warnings about the risks that this market entails.

«UniCredit does not invest in cryptocurrencies neither on behalf of its clients nor with its own funds, in accordance with its current policy. UniCredit provides advice and offers various investment products and services depending on the characteristics of each client».

Very important, “there was no mention of possible closures of accounts dealing with cryptocurrencies, but there was a reference to the guidelines of the European Supervisory Authorities in terms of general risks associated with investments in cryptocurrencies».

In fact, upset customers now assume the bank is trying to save face. Reversing its ban on cryptocurrencies.

UniCredit does not carry out any investment activity in cryptocurrencies

To recall, UniCredit has threatened to close the accounts of customers who send money to exchanges. According to the bank, their policies prohibit them from interacting with “counterparties that issue virtual currencies».

Incidentally, the revelation came after a customer raised concerns that UniCredit bank had threatened to close his account over wire transfers to two crypto exchanges, and FTX.

In this regard, the client asked if the bank’s policy stated that they could close their account to operate with cryptocurrencies. In response, UniCredit stated:

«Hello, the current policies of the Group prohibit relationships with counterparties that issue virtual currencies or act as an exchange».

In fact, the user posted the screenshots of the conversation online. As a consequence, controversy erupted, with requests for explanations from other clients to UniCredit.

Opinions of the Italian crypto community

Among them is the comment of Stefano Capaccioli, one of Italy’s leading experts on cryptocurrency regulation.

He states that he has not found any reference to the ban on integrating accounts with crypto exchanges in the bank’s official policies. And he points out that banks generally don’t prohibit holders from using their money for legitimate activities.

Therefore, he speculates that the tweet was a mistake by the bank’s social media manager. Or, that the UniCredit bank has discriminatory policies that prohibit relationships with legitimate activities for no apparent plausible reason.

Also, Roer D writes: It’s time to change banks».

Likewise, Mirko G. indicated: “I’m glad I don’t have an account with you. And if I had it, I wouldn’t have waited for them to close it because I would have done it».

As a curious fact, the controversial reactions culminated in the placement of a funeral wreath in the early hours of Wednesday, January 12. In front of the UniCredit branch on Viale Vittorio Veneto in Catania.

In closing, does UniCredit protect its clients against the wild volatility of Bitcoin? Leave your opinion in the comment box.

I say goodbye with this phrase from Stefano Cherti: «The cryptocurrency market is something in which you have to move very cautiously. Above all, if you do not have great financial skills».