According to a July 4, 2023 press release from the Danish Financial Supervisory Authority, Denmark’s Saxo Bank has been instructed to liquidate its holdings of cryptocurrency assets. The financial regulator maintains that Saxo Bank’s portfolio of crypto assets falls “outside the legal business area of financial institutions” and is in violation of the country’s Financial Business Act.
Danish Financial Regulator Insists ‘Unregulated Trading in Crypto-Assets Can Create Distrust in the Financial System’
The Danish financial regulatory authority, tasked with overseeing financial markets in Denmark, has directed Saxo Bank to liquidate its crypto asset portfolio. Saxo Bank, an investment bank established in 1992, specializes in online trading and investment. In 2017, Saxo Bank incorporated crypto assets into its services, enabling trading of digital currencies like BTC, LTC, and ETH.
The bank also offers customers access to crypto exchange-traded products (ETPs), allowing
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