Business

Bosnian court sides with bitcoin miner in frozen bank account case

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Italy’s second largest bank UniCredit and the Bitcoin (Bitcoin) Mining Farm Bitminer Factory faced a court in the Bosnian city of Banja Luka, which ruled that the bank abusively closed the company’s account and must reimburse the plaintiff 131 million euros (about $144 million).

as reported In La Repubblica, the Banja Luka court ruled on March 27 that a Bosnian branch of UniCredit had no legitimate grounds to freeze the operation of Bitminer Factory Gradiska LLC’s account. Bitminer Factory estimated their losses at $150 million and claimed that the closure of their accounts “hindered their Initial Coin Offering (ICO) in relation to a startup project in the renewable energy cryptocurrency mining sector in Bosnia and Herzegovina.” The court accepted this number.

In its defense, UniCredit cited an “inability to do business with digital currency providers and exchange platforms.” According to the court order, however, this claim was not confirmed in the bank’s written policies.

Related: The largest savings bank in Ukraine stops buying bitcoin with hryvnia

UniCredit has already appealed Transfer the allegations as unfounded:

“It is neither final nor binding nor enforceable. Ucbl’s eventual liability will only be determined after the final outcome of all available legal remedies and in any case not before the Court of Appeal has delivered a final and binding judgment.”

The previous controversy in their ties to the digital assets took place in January 2022 when UniCredit officially had to refute in a tweet of its own, stating that this hasn’t stopped its clients from crypto investing or has any intention of closing their accounts on the matter.