UniCredit, Italy’s second largest bank, has been fined $144 million for unfairly closing accounts of crypto miners. The bank said it will appeal this decision.
UniCredit has been fined $144 million after losing its lawsuit against a crypto miner. The bank said the miner did it by mistake by closing his account. However, the case is still ongoing and the bank appears to be appealing the decision.
Crypto Miners Fight
The decision was made in the Banja Luka court in Bosnia and Herzegovina. The case was brought to court by the subsidiary of the Italian company Bitminer Factory, which is considered Italy’s first and largest mining farm.
The court said the bank does not have any written rules that prevent it from interacting with customers in the cryptocurrency space. The process continues.
UniCredit has also been in the news for Russian businesses. The bank announced that it will completely cease its operations in Russia, which will cost approximately $ 8.1 billion. It has also committed to buy back its own shares.