Today Denmark’s Financial Supervisory Authority (Danish FSA) instructed Saxo Bank to sell all cryptocurrency it holds on its own account.
The Danish bank provides services to clients including the ability to invest in crypto exchange traded funds (ETFs) and notes (ETNs). It also enables direct crypto trading by clients which it refers to as ‘Crypto FX’. To support this it holds crypto on its own account as a hedge, and it is here that the regulator gave a direct instruction to sell its holdings.
Based on local laws, the FSA said “Saxo Bank’s trading in crypto assets for its own account is found to be outside the legal business area of​financial institutions.”
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