Italian Bank UniCredit Warn Users Over Crypto Transactions, Prohibiting Crypto Exchanges

KEYPOINTS

  • On Friday, Italian bank Unicredit posted a tweet on its official profile in which it says it is prohibiting its account holders from interacting with counterparties that issue virtual currencies or act as exchange platforms.
  • In practice, it prohibits them from trading Bitcoin and cryptocurrencies.
  • In reality, it has been known for some time that the bank does not tolerate transfers to and from crypto exchanges. Yesterday’s tweet sparked a real outcry from the Italian crypto community.

According to a UniCredit spokeswoman on Twitter in reaction to comments made by an Italian user, the bank’s policy prevents its customers from trading with cryptocurrency exchanges and services.

The bank user provided a screenshot of his conversation with UniCredit Group’s support service. The bank informs him that he couldn’t transfer money to FTX or Crypto.com. Customer support advised him against doing these transactions since they were against the bank’s policies:

Accounts used to send money to cryptocurrency exchanges will also be closed, according to the bank employee.

The English translation of the Tweet says that:

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

Unicredit was mentioned in a few of additional tweets about the matter, which were in response to a poll conducted by The Crypto Gateway.

The Twitter Protest For UniCredit

The poll had nothing to do with banking or UniCredit, but a commenter who provided a screenshot of a chat interaction with the UniCredit help service in which it occurred brought up the bank. The closure of a user’s current account is in jeopardy, and he was utilising it to conduct cryptocurrency transactions.

The Crypto Gateway Twitter group has approximately 50,000 members, therefore the response has been huge.

Among the replies to the offending tweet is one from Hype, the official app of the Banca Sella Group, which has been selling Bitcoin for a while owing to a deal with a major Italian exchange.
Among them is Stefano Capaccioli’s response, who is a famous Italian specialist in the subject of cryptocurrency legislation.

Capaccioli claims that he has not seen any reference to the bank’s official regulations prohibiting the integration of accounts with crypto exchanges. And that banks normally do not prevent account holders from utilising their money for lawful businesses such as crypto exchanges.

At this point, he speculates that either the bank’s social media manager made a mistake with the tweet, or that the bank has discriminatory policies that prevent interactions with lawful activities for no apparent reason.

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