Court orders Russia’s Sberbank to unblock crypto trader’s accounts – Bitcoin News
A court has ordered one of Russia’s largest banks to lift restrictions on the accounts of a Russian citizen who sold digital coins on cryptocurrency exchanges. The public giant Sberbank will now have to unlock the cards of its customers and restore its access to its online banking platform.
Russian regional court rules in favor of crypto trader suing Sberbank
The plaintiff identified as Pavel R., a resident of Revda in Sverdlovsk Oblast, had accounts and cards issued by Sberbank and was also offered remote banking services in accordance with his contract. Between May and August of last year, he received regular deposits from other people and withdrew the money.
The bank ruled that these were unusual transactions that could be linked to money laundering and blocked Pavel’s accounts and cards. He was asked to prove the source of the funds, explain the purpose of the transactions and was told that any future transactions should be ordered in person.
But even after Pavel presented all the necessary documents showing the transfers were tied to the sale of cryptocurrency on various exchanges and filed a claim with the bank, the restrictions remained in place. Convinced that the bank’s actions contradicted the law, the Russian crypto-trader filed a complaint with the Revdinsky City Court, but the trial court rejected his request to restore access to his accounts.
The Sberbank customer then filed an appeal with the Sverdlovsk Regional Court. The court recognized that the bank had the right to suspend its services to the plaintiff but noted that even after receiving evidence indicating the nature of the transactions, the defendant did not lift the restrictions imposed and did not respond to the request. Pavel asks.
In a press release, the Sverdlovsk Regional Court stressed that while crypto trading was not regulated by Russian law at the time of the dispute, it was also not prohibited. He also developed:
The client having disclosed the economic meaning of the transactions and indicated the source of the funds, the Bank had no reason to maintain the blocking of bank cards and to limit the provision of remote banking services.
The regional court did not agree with the conclusion of the Revdinsky city court that Pavel’s rights had not been violated. “Under the terms of the contract, the Bank is obligated not only to open and maintain an account, but also to provide an additional remote banking service which allows the customer to use the account without visiting the Bank’s offices. However, for the moment, Pavel R. is deprived of such an opportunity ”, explained the judges.
Sberbank was forced to restore Pavel’s access to its online services and unblock its cards and accounts. The Russian bank will also have to cover the costs of the legal proceedings in the Sverdlovsk region.
What do you think of the legal case between the Russian crypto-trader and Sberbank? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.