UniCredit, which has $811.1 billion in assets, has stopped banning its customers from trading cryptocurrencies, according to a statement today.
The banking giant stated that there was a misunderstanding.
He also stressed that in accordance with UniCredit policy, it does not invest in any cryptocurrency neither on behalf of its clients nor with its own funds.
Last week, a user claimed that the bank threatened him with closing his account for making crypto transfers. In its response to this user, the bank said that customers are prohibited from trading on cryptocurrency exchanges. After these words, Italian users had a great reaction against the bank.
Crypto advocates emphasized that companies such as Nokia, Kodak and Blockbuster remained in the dusty pages of history by opposing new technologies and claimed that UniCredit would face a similar situation.
However, the bank stated in its statement that there is no ban on crypto trading. Customers argued that the bank took a step back to save its reputation.