Largest Nordic Bank SEB Refuses To Accept Bitcoin Amid Risks

The largest Nordic Bank and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trader in the region, Stockholm-based SEB, has announced the rejection of all client requests to open accounts utilizing Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, given the propensity for aiding crime and laundering.

Despite the recent tranche of support emanating out of several online retailers and venues around the world, banks have been remarkably unilateral in their decision to abstain from Bitcoin – the risks inherent with digital currency provide a litany of uncertainties and potential hazards that have collectively discouraged banks from adopting it thus far.

SEB’s Cautionary Verdict Comes Adds To Bitcoin’s Weekly Woes

According to Johan Andersson, Chief Risk Officer at SEB in an email exchange with BusinessWeek regarding the decision, “Given the rules we have established for ourselves and rules that authorities have set up to prevent money laundering, we have currently made the decision that we cannot offer transactions, accounts or currency exchange in Bitcoin.”

The comments come during an already tumultuous week for Bitcoin, following an outright ban by . In addition, Monday it was reported that Bitcoin Foundation Vice Chairman Charlie Shrem was for peddling the digital currency to drug traffickers, a worrying prospect that rekindles the type of stigma and woes facing Bitcoin in its infancy.

Uncertainty Over Bitcoin And Risk Of Laundering Central To Decision

Like its Russian counterpart, the Swedish government, together with the European Banking Authority have all warned of the acute risks prevalent in Bitcoin trading. As for the Swedish edict, this move is hardly surprising given Scandinavian regulators’ typically rigid stance towards global banking standards. However, the recent popularity and gradual creeping of the digital currency into the virtual payment realm has finally begun to elicit a response out of regional banks.

“We have received requests from companies that want to open accounts to manage Bitcoin, and we have so far declined. When we make decisions regarding corporate customers, we need to understand the business, there needs to be a sustainable business plan and routines for following money laundering rules,” Andersson added.

(Images courtesy of SEB Group)