Bitpanda obtains a crypto license in Germany and claims to be the first “European retail” crypto investment platform to do so
Other licensees included three European institutional investment platforms and one US-based retail platform.
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In an official blog post, Bitpanda announced that it had obtained a crypto custody license from the German financial authority, BaFin.
Having obtained this license, the Austrian-based crypto exchange can now legally market its services to German residents. Bitpanda also claimed to be the first retail crypto exchange based outside of Europe to achieve this distinction.
The collapse of crypto exchange FTX has led to increased scrutiny of unregulated crypto exchanges that operate outside of a country's jurisdiction. For this reason, many exchanges seek licenses in multiple countries to prove they are legit. This latest license adds to the list of countries in which Bitpanda is officially regulated, including Austria, the United Kingdom, Italy, the Czech Republic, Spain, Sweden and France.
Previously, the license was obtained by four other crypto-related companies: Coinbase, Kapilendo, Tangany, and Upvest. The last three are aimed at institutional investors. While US-based Coinbase is a retail investment platform. Bitpanda claims to be the first "European" retail crypto platform to obtain the license as it is based in Austria.
Bitpanda CEO Eric Demuth told Cointelegraph that this license “was the result of many months of hard work by the entire Bitpanda team.” He said the company can now prove that it is an honest and trustworthy custodian of crypto assets for German clients:
"We can and will prove that we are serious about making the security of Bitpanda's customers our top priority. […] Licensing can be difficult on its own, but we are absolutely determined to continue on this path, because it is the only right thing to do."
The question of how to license and regulate crypto exchanges has been a hot topic since the collapse of FTX. Bank of England Deputy Governor Jon Cunliffe revealed that
Other licensees included three European institutional investment platforms and one US-based retail platform.
New
In an official blog post, Bitpanda announced that it had obtained a crypto custody license from the German financial authority, BaFin.
Having obtained this license, the Austrian-based crypto exchange can now legally market its services to German residents. Bitpanda also claimed to be the first retail crypto exchange based outside of Europe to achieve this distinction.
The collapse of crypto exchange FTX has led to increased scrutiny of unregulated crypto exchanges that operate outside of a country's jurisdiction. For this reason, many exchanges seek licenses in multiple countries to prove they are legit. This latest license adds to the list of countries in which Bitpanda is officially regulated, including Austria, the United Kingdom, Italy, the Czech Republic, Spain, Sweden and France.
Previously, the license was obtained by four other crypto-related companies: Coinbase, Kapilendo, Tangany, and Upvest. The last three are aimed at institutional investors. While US-based Coinbase is a retail investment platform. Bitpanda claims to be the first "European" retail crypto platform to obtain the license as it is based in Austria.
Bitpanda CEO Eric Demuth told Cointelegraph that this license “was the result of many months of hard work by the entire Bitpanda team.” He said the company can now prove that it is an honest and trustworthy custodian of crypto assets for German clients:
"We can and will prove that we are serious about making the security of Bitpanda's customers our top priority. […] Licensing can be difficult on its own, but we are absolutely determined to continue on this path, because it is the only right thing to do."
The question of how to license and regulate crypto exchanges has been a hot topic since the collapse of FTX. Bank of England Deputy Governor Jon Cunliffe revealed that
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