The regulator gives a 'scolding' to the bank and orders the institution to get rid of cryptocurrencies.

By Crypto4you23 | Cryptoanswers22 | 6 Jul 2023

Regulator gives a 'scolding' to the bank and orders the institution to get rid of cryptocurrencies.

Founded in 1992, Saxo Bank is a Danish investment bank with clients in several other countries.

On Saxo's official website, various cryptocurrency funds can be found that are offered to its clients

However, the regulatory body in Denmark, the FSA, stated that the bank also held investments in cryptocurrencies, noting that this was not in accordance with existing regulations.

"The unregulated trading of crypto assets can create mistrust in the financial system," pointed out the FSA.

"The activity is also not considered acceptable as ancillary banking business for reasons of financial stability."

Furthermore, the FSA states that Saxo Bank holds cryptocurrencies to "secure related investments."

However, it notes that this does not change the bank's situation.

As of the closing of this report, Saxo Bank has not issued any public statement regarding the FSA's decision. Nevertheless, it seems to be only a matter of time until the region has clear enough rules for banks to expand their businesses into the cryptocurrency sector.

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