Crypto Trading by Saxo Bank Gets Quashed by Danish Regulator

Proprietary trading of crypto by banks isn’t allowed, FSA says
Crypto trading by banks remains unregulated until end-2024

Saxo Bank in Copenhagen, Denmark.Photographer: Ulrik Jantzen/Bloomberg

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By Sanne Wass

July 5, 2023 at 9:51 AM UTC

Updated on

July 5, 2023 at 11:55 AM UTC

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Denmark’s financial watchdog ordered Saxo Bank to dispose of its own holdings of cryptoassets, saying banks aren’t allowed to conduct proprietary trading under current regulations.

Saxo Bank, which has a platform for customers to trade crypto, also holds its own cryptoassets as a hedge against market risk. Such trading isn’t on the list of legal business activities for financial institutions in Denmark, the Danish Financial Supervisory Authority said in a statement Wednesday.