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Crypto Trading Banned for Banks in Denmark, Saxo Bank Down First

Wed, 07/05/2023 - 14:34
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Yuri Molchan
Financial institutions in Denmark forbidden to let their clients trade crypto
Crypto Trading Banned for Banks in Denmark, Saxo Bank Down First
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According to a recent Bloomberg report, the Danish financial regulator has told Saxo Bank in Denmark to shut down its crypto trading service.

The bank has also been ordered to dispose of its own crypto that it holds against market risk.

According to the FSA regulator (Danish Financial Supervisory Authority), banks in the country are not allowed to conduct proprietary crypto trading operations, nor can they hold their own digital assets. Word was spread about this in the regulator's statement issued on Wednesday.

Saxo Bank based in Copenhagen was proclaimed a systemically important financial institution last month, and since then, it has been under heavy scrutiny by the regulator. The spokesperson for Saxo Bank said that the management will carefully read the regulatory decision and follow the requirements.

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This prohibition related to crypto will hardly have a big impact on the business of the financial institution since trading digital assets was only a tiny part of it.

The new regulatory rules about crypto that were passed in the EU parliament recently will essentially become effective only from the end of next year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at