JUST IN: Saxo Bank Forced To Liquidate ALL Crypto Holdings
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July 5, 2023 2:21 pm
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The global assault on cryptocurrencies continues. …
According to sources, Danish authorities have ordered Saxo Bank to liquidate all of its crypto holdings until the European Union’s MiCA regulatory framework goes into effect.
Saxo Bank’s crypto holdings reportedly represent a minimal portion of its portfolio and will not affect customer activities or the overall health of the bank, sources say.
Here’s what is currently being reported:
Denmark's financial watchdog has ordered @saxobank to shed its own crypto holdings as it is illegal to conduct such activity at the moment. By @amitoj.https://t.co/ryI9nca22C
— CoinDesk (@CoinDesk) July 5, 2023
Danish authority orders Saxo Bank to divest crypto holdings 🛑#Crypto trading activities remain unregulated until MiCA implementation in 2024 🏦 pic.twitter.com/syZ01fkm52
— CryptoSavingExpert ® (@CryptoSavingExp) July 5, 2023
Coin Telegraph reports:
According to the DFSA, Saxo Bank offers its customers the opportunity to trade a number of cryptocurrency products through its platform. The firm also offers several crypto-linked exchange-traded funds and exchange-traded notes, the regulator noted, adding that “it is possible to speculate on crypto assets.”
Additionally, Saxo Bank has its own portfolio of cryptocurrency assets, which are held as a hedge to offset the market risk associated with the bank’s crypto products, the DFSA wrote.
CryptoSlate explained: “The FSA notes that, until the implementation of the EU’s MiCA regulations in December 2024, crypto trading activities will “remain unregulated.” MiCA, passed by the EU on May 16, aims to create a regulatory framework for crypto assets, thus ensuring European financial stability and consumer protection.”
5/ MiCA, passed by the EU on May 16, aims to create a regulatory framework for crypto assets, thus ensuring European financial stability and consumer protection. #CryptoEU
— CryptoSlate (@CryptoSlate) July 5, 2023
Saxo Bank co-founder Lars Seier Christensen recently appeared on the David Lin Report to discuss blockchain technology and the future of the banking industry:
On the last episode of The David Lin Report, @larsseier shared his knowledge about blockchain, emerging technologies, and how crypto will influence banking.
Check the full episode here: https://t.co/bGVNw2fjnu#banks #crypto #ai
— Concordium (@ConcordiumNet) July 4, 2023
Bloomberg provided this statement from Saxo Bank spokesperson Lasse Lilholt:
Because Saxo has a “very limited” holding of cryptoassets, “the FSA’s decision will have a very small impact on our business, and our customers will not experience any significant changes.”
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