UniCredit threatens to block accounts over cryptocurrency transfers

The policy of UniCredit Group forbids clients to conduct transfers to platforms and services linked to digital assets. A screenshot of a conversation with the bank’s support service was published by one of its Italian customers.

The bear market, I’m worried about these bank bastards who might close my account for transfers to FTX and top-ups on https://t.co/FsiHtk4yx2 …..this is UniCredit but the same with a cooperative bank some time ago.. pic.twitter.com/77Q5BPlt2l

— Sarap1784 (@sarap1784) January 7, 2022

«[…] Меня беспокоят эти банковские придурки, которые могут закрыть мой счет за переводы на FTX и Crypto.com», — написал пользователь Twitter.

According to the screenshot, UniCredit did not recommend making transfers to cryptocurrency exchanges, as this breaches the bank’s policy and risks blocking the account.

«This is not in the agreement», — noted a staff member.

In a tweet comment, UniCredit representatives said the bank’s current policy “prohibits relations with counterparties issuing virtual currencies or acting as exchange platforms”.

Hello, the current Group policies prohibit relations with counterparties issuing virtual currencies or acting as exchange platforms.

— UniCredit Italia (@UniCredit_IT) January 7, 2022

UniCredit Group is the second-largest banking group in Italy, with presences in Russia and across Europe. Representatives did not specify whether the restrictions extend to clients outside Italy.

Earlier in July 2021, the British bank NatWest temporarily restricted the amount of transfers to cryptocurrency exchanges and blocked transactions with Binance.

Earlier, the financial conglomerate HSBC banned the purchase of MicroStrategy stock, which had been actively investing its own and borrowed capital in Bitcoin.

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