Bitpanda announced that it has secured a crypto custody licence from the German financial authority.
Having obtained this licence, the Austrian-based crypto exchange can now legally market its services to residents of Germany. Bitpanda also claimed to be the first retail crypto exchange based out of Europe to have achieved this distinction.
The collapse of the FTX crypto exchange has brought increased scrutiny to unregulated crypto exchanges that operate outside of a country’s jurisdiction. For this reason, many exchanges are seeking to gain licences in multiple countries to prove that they are legitimate. This latest licence adds to the list of countries Bitpanda is officially regulated in, including Austria, the United Kingdom, Italy, the Czech Republic, Spain, Sweden, and France.
Previously, the license has been obtained by four other crypto-related firms: Coinbase, Kapilendo, Tangany, and Upvest. The latter three cater to institutional investors. While Coinbase is a retail investment platform. Bitpanda claims to be the first European retail crypto platform to get the licence because it is based in Austria.
