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UniCredit was fined $144 million for improperly closing the accounts of a crypto mining company

Following a case brought by a subsidiary of the crypto mining business Bitminer Factory, a district court in Banja Luka, Bosnia and Herzegovina. Of course, has determined that UniCredit’s branch office in the nation would pay a fine of €131 million ($144 million) in damages. The story was initially reported by the local newspaper La Repubblica.

UniCredit’s local branch in Banja Luka was accused by Bitminer Factory’s subsidiary of incorrectly shutting its current accounts. The closure “prevented the Initial Coin Offering (ICO) related with startup ventures. That’s, in the cryptocurrency mining sector using renewable energy in Bosnia and Herzegovina,”

So, according to the crypto mining firm.

Due to the country’s low energy tariff, the company established mining activities in Bosnia and Herzegovina and opened bank accounts with UniCredit.

The UniCredit subsidiary stopped allowing them to withdraw proceeds from the sale of mined crypto to their accounts. Thereby, claiming that it could not support bitcoin businesses and suppliers.

The bank, on the other hand, was unable to show that it had any written regulations prohibiting it from doing business with crypto-based companies, according to the court.

UniCredit, meanwhile, is dissatisfied with the decision and has apparently filed an appeal. The sentence is “not definite, binding, or enforceable,” according to the bank.

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