UniCredit against bitcoin
UniCredit, the largest Italian banking group, has never tolerated transfers to and from crypto exchanges, but a recent tweet sparked a real protest from the Italian crypto community: “Hello, the Group’s current policies prohibit relationships with counterparties issuing virtual currencies or acting as exchange platforms “. The UniCredit tweet was posted as a comment on a couple of other tweets that raised the issue in response to a survey published by The Crypto Gateway.
The survey had nothing to do with banks in general or UniCredit in particular, but the bank was directly called into question by a commentator who posted a screenshot of a chat conversation with Unicredit customer service in which the bank threatened to close the account of a user who was using it to transact with crypto exchanges.
Among the many comments followed, one of the most interesting was that of Stefano Capaccioli, one of the leading Italian cryptocurrency regulation experts, who said he had not found any reference to the ban on integrating accounts with cryptographic exchanges in the bank’s official policies and underlines that banks generally do not prohibit their account holders from using their money for legitimate activities, such as crypto exchanges.
Capaccioli then speculated that the tweet was a mistake by the bank’s social media manager, or that the bank has discriminatory policies that prohibit relationships with legitimate businesses for no seemingly plausible reason. However, some commentators have also pointed out that there are other banks that appear to be doing the same, so the problem could be much more widespread than it might seem from this discussion of Unicredit’s behavior.