Norway's SEB AB No Longer Looking to Delve into Bitcoin

Nordic bank SEB AB has shifted its position and is now deciding against servicing Bitcoin accounts.

Citing large uncertainties, SEB believes the virtual money could be used in abetting crime. SEB's Johan Andersson told Bloomberg, Given the rules we have established for ourselves and rules that authorities have set up to prevent money laundering, we have currently made the decision that we cannot offer transactions, accounts or currency exchange in Bitcoin ... We have received requests from companies that want to open accounts to manage Bitcoin ... we have so far declined. When we make decisions regarding corporate customers, we need to understand the business, there needs to be a sustainable business plan and routines for following money laundering rules.

News comes as Bitcoin Foundation Vice Chairman Charlie Shrem was charged by the U.S. Attorney Preet Bharara recently, alleging the executive was looking to sell Bitcoin to narcotics traffickers.

Bitcoin last ticked through at around $788 each.

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