Denmark's largest bank: Will continue to ban cryptocurrency trading

Denmark's largest bank, Danske Bank, said on Friday it would continue to ban trading of bitcoin and other cryptocurrencies on its platform despite its clients' apparent interest in trying such assets.

“We recognise that there is a significant global market for cryptocurrencies and that many of our clients find them interesting,” Danske Bank said.

But the bank said the lack of transparency in cryptocurrencies made it difficult for banks to combat financial crime and money laundering. Danske Bank is particularly sensitive to such risks as it remains the target of criminal investigations in the United States and Europe over money laundering allegations.

The bank also said that “opaque” pricing and high volatility made cryptocurrencies risky for its clients, and pointed to the carbon emissions produced by the enormous computer power required to mine Bitcoin as further reason to take a “very cautious approach” to such assets.

The bank also said it would review its position once the cryptocurrency market "matures and becomes further regulated."