The German Federal Financial Supervisory Authority BaFin grants Bitpanda the “license for custody and proprietary trading of crypto assets”.
The company, which is registered as Bitpanda Asset Management GmbH in Vienna, has thus officially received a license from the German securities regulator for the custody and proprietary trading of crypto assets. Bitpanda thus adds another license to its already extensive collection with strict Bafin permission. After all, the fintech, valued at four billion euros, is considered a poster boy in regulatory matters. Currently, Bitpanda holds no less than seven licenses and registrations with European regulatory authorities in addition to the BaFin license. These include the Austrian Financial Market Authority (FMA) and the French Autorité des Marchés Financiers (AMF) – a European record.
The crypto sector has been at a crossroads at least since the FTX fiasco. While exchanges such as crypto.com and FTX are increasingly withdrawing from regulatory access, Bitpanda is taking a different approach.
This means it holds the most licenses and registrations for cryptocurrencies among all providers in Europe, the company says. Now an important one has been added: “After a careful examination process by the Federal Financial Supervisory Authority (BaFin), Bitpanda Asset Management GmbH has now been granted a license for the custody and proprietary trading of cryptocurrencies,” Bitpanda announced in a statement.
The crypto custody license awarded to Bitpanda by BaFin is considered the gold standard in terms of regulation. So far, only about a dozen companies hold the coveted license; among them are companies like Coinbase Germany, Tangany or Upvest.