UniCredit, Italy’s second-largest bank, and Bitminer Factory, a Bitcoin (BTC) mining farm, went to court in Banja Luka, Bosnia and Herzegovina. Where the bank found to have wrongfully cancelled the company’s account. And ordered to pay the plaintiff €131 million (about $144 million).
In fact, a Banja Luka court found on March 27 that a Bosnian branch of UniCredit had no lawful basis to terminate Bitminer Factory Gradiska LLC’s operations, according to a report in La Repubblica. Moreover, the Bitminer Factory claimed that the closure of its accounts had “hampered its initial coin offering (ICO) in relation to a startup project in the cryptocurrency mining sector in Bosnia and Herzegovina using renewable energy,” putting its losses at €131 million. The court agreed with that amount.
UniCredit defended itself by saying it “could not do business with digital currency creators and exchange platforms”. According to the court’s conclusions, the bank’s written policies did not support this assertion.
UniCredit has already filed an appeal, alleging that the claims are untrue. And that the decision is “not final, binding, or enforceable”. Ucbl’s ultimate liability will likely determined only after all procedural remedies reach dead end. And in any instance, not before a definitive and binding judgement has been delivered by the court of appeals.”
In January 2022, UniCredit had to officially refute its own tweet. Stating that it did not ban or intend to cancel its customers’ accounts due to their crypto investments.