Bitpanda's Position Is Strengthened by Their New License
"a crypto custody and proprietary trading license for crypto assets from the German Federal Financial Supervisory Authority (BAFIN)" has been granted to the Austrian cryptocurrency exchange platform Bitpanda by the German Federal Financial Supervisory Authority (BAFIN). The acquisition of the license reportedly makes the cryptocurrency exchange the "first European retail investing platform to fulfill BAFIN's severe regulatory standards." This is according to Bitpanda, which claims to have obtained the license.
Bitpanda has stated in a statement that the license enables the company to offer its cryptocurrency custody and cryptocurrency asset trading services to citizens of Germany. Eric Demuth, CEO of Bitpanda, made the following statement in response to the recent achievement of his company:
The acquisition of the license in Germany is the fruit of several months' worth of labor put in by the entirety of the Bitpanda team, as well as the consequence of close collaboration with the team at BAFIN. It bolsters our position as a pioneer in terms of regulation in Europe and highlights, once more, how well-positioned we are in this area. Additionally, it brings to light how well-positioned we are in this area. We aspire to make the process of investing easy, risk-free, and convenient for our clients.
According to Demuth, Bitpanda will be making other interesting announcements before the end of the year. Bitpanda is a cryptocurrency exchange that was established in 2014 by Demuth, Paul Klanschek, and Christian Trummer. The exchange is already registered with the Financial Market Authority (FMA) of Austria and the Autorité Des Marchés Financiers of France.
Bitpanda possesses both the virtual assets service provider (VASP) registration and the PSD2 payments provider license that are required to operate in the Czech Republic. Bitpanda, which reportedly has a valuation of $4.1 billion, has legal approval to operate in Sweden, Spain, and the United Kingdom. This is in addition to having secured approvals to operate in Austria and the Czech Republic. Bitpanda is a cryptocurrency exchange.
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