The German Federal Financial Supervisory Authority (BaFin) has issued a crypto custody and proprietary trading licence for crypto assets to BitPanda Asset Management.
The move makes BitPanda the first retail investment platform in Europe to meet the German regulator’s requirements.
BaFin introduced its licensing regime in January 2020.
The licence award will enable BitPanda to offer both crypto custody and proprietary trading of crypto assets.
It also comes in the wake of the FTX collapse, where it is alleged that clients’ funds were misused, a point not lost on BitPanda CEP and co-founder Eric DeMuth. “
We want to give our customers a safe, secure and simple way to invest,” he said.
“That means being regulated and it means a strict separation of customer and company assets, which is sadly not the case everywhere these days.”
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