Crypto Trading by Saxo Bank Gets Quashed by Danish Regulator (1)

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.

The closely held, Copenhagen-based bank is under heightened regulatory scrutiny after being namedfor the first time as a systemically important financial institution last month.

Saxo Bank ...