Danish financial regulator ordered Saxo Bank to get rid of crypto assets
Danish financial regulator has banned Saxo Bank from trading in cryptocurrencies
Danish laws prohibit financial institutions from trading in cryptocurrencies. In this regard, Saxo Bank has been ordered to get rid of its own cryptocurrency assets
The Danish Financial Supervisory Authority (DFSA) has ordered Saxo Bank to get rid of its crypto assets, pointing out that the country's regulations prohibit banks from conducting their own trading operations with such assets, Bloomberg reported.
On this basis, Saxo Bank is ordered to get rid of its own assets in cryptocurrency," the DFSA said in a statement.
The bank has attracted increased regulatory attention since the institution was first recognized as systemically important in June.
The bank's subsidiary Saxo Markets, which invests in digital assets, launched a service back in 2021 that allows cryptocurrency trading for fiat money. It was specified that the bank's clients can trade Bitcoin, Ethereum (ETH), and Litecoin (LTC).
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