Bitpanda, a Vienna-based crypto exchange established in 2014, has obtained a crypto custody license from German Federal Financial Supervisory Authority (BaFin).
According to the blog post shared on November 22nd, the company claims to be the “first European retail investment platform” to receive BaFin’s license to provide crypto custody and proprietary trading services.
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In its blog post, Bitpanda highlighted that with the new registration, the company will be able to securely and reliably “market and offer services in the German market.” Moreover, the registration allows Bitpanda to make its first steps in creating “a fully regulated environment for crypto regulations in Europe.”
The company is already registered in Austria, Italy, the United Kingdom, Check Republic, France, Spain, and Sweden. Moreover, Bitpanda highlighted that it operates in accordance with various Virtual Asset Service Provider (VASP) regulations, as well as E-Money, MiFID II, and PSD II licenses “amongst all its core markets.”
When talking about the obtained license, Bitpanda CEO Eric Demuth highlighted that it was “the result of many months of hard work by the entire Bitpanda team.” Demuth stated that by receiving a license from BaFin, the company proves that it is a trustworthy and honest custodian.
We can and will prove that we mean business when it comes to Bitpanda making customer safety our top priority. <…> Acquiring licenses may be difficult in itself, but we are absolutely committed to continuing on this path – because it is the only right thing to do.
In its Twitter thread, following the announcement about receiving a license, Bitpanda drew attention to the current situation after one of the largest crypto exchanges, FTX, filed for Chapter 11 bankruptcy.
Due to the recent events in the crypto industry, we see once again how important it is to do things right and to take regulation and legislation seriously. Our priority will always be to ensure the safety of our clients and their assets.
In other news, BaFin has recently instructed Coinbase’s German branch, Coinbase Germany GmbH, to ensure “proper business organization.”
by Gile K. – Crypto Analyst, BitDegree
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