UniCredit has been ordered to pay $144 million dollars for wrongful closing of accounts for miners. The bank did not like the decision.
UniCredit, Italy’s second-largest bank, is on the receiving end of a $144 million fine after it lost a case against a miner. The bank closed the account of the miner because they said it was a wrongful closure. The case is still going on and the bank appears to have filed an appeal against the decision.
Crypto miners fight back
The decision was made in Banja Luka. Bitminer Factory claims to be the first and largest mining farm in Italy.
In relation to a startup project in the cryptocurrency mining sector with renewable energy in Bosnia and Herzegovina, the account closings have gotten in the way of the initial coin offering.
The bank said it did not enter into partnerships with digital currency suppliers. Many banks around the world are taking this position, including in India. There were no written rules that prevented the bank from interacting with clients in the space.
Banks under watch as economic sanctions take hold
Many people have criticized it for its possible role in Russia evading sanctions. The banking industry has been problematic in these regards.
Unicredit’s Russian businesses have been in the news. The bank said that it would write off its Russian business and cost about $8.1 billion. It plans to buy back its own shares. It would depend on losses linked to Russia-related assets.
The European Commission has fined investment banks for breaching antitrust rules. They have been fined over $407 million for being part of a European Governments Bonds trading gang.
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