Bitpanda GmbH landed the operating license from the German financial watchdog despite the wake-up call for regulators prompted by the FTX Group’s demise.
Announcing the Bitpanda milestone in Europe, the company’s growth lead Magdalena Hoerhager celebrated the issuance of license by the German Federal Financial Supervisory Authority (BaFin). Hoerhager retaliated that Bitpanda secured the comprehensive Bafin-issued license amidst the ongoing appetite for regulatory scrutiny in the crypto industry following the sudden FTX collapse.
In particular, the crypto growth expert lauded Bitpanda’s accomplishment amidst the stark reaction by regulators globally awakened by the dramatic collapse of the FTX Group exchange. Citing probs initiated in South Korea, Bahamas, US and Turkey, Bitpanda’s executive acknowledged regulators worldwide had launched multiple probes into the Bankman-Fried’s sunk empire.
Bitpanda to Leverage FTX Group Demise
The Austria-based crypto vice president emphasized that the FTX collapse has materially altered the Europe crypto scene. However, she expressed optimism about the demise of the Bahamas-based exchange, which served as a wake-up call to the crypto industry on the platform investors should trust with their hard-earned investment.
The Bitpanda executive lamented the continued presence of wild west players within the crypto custody and exchange wallets devoted to circumventing regulation to realize fast growth. Although a disguised remark, Magdalena’s admission that growth facilitated by steroids is undesirable, referred to FTX’s meteoritic rise to a $32 billion company in three years.
With the industry experiencing an extreme crisis, increased regulatory scrutiny is a norm for exchange and trading platforms. Addressing the audience during the acceptance ceremony, she illustrated that investors desire regulated and secure platforms.
German Crypto License Timely for Bitpanda Growth
Attaining the Bafin-issued license will facilitate Bitpanda’s expansion in Europe to offer its 4 million customers a fully regulated platform for crypto investment. Tracing the 18-month journey to the BaFin license, Hoerhager commended Bitpanda’s rise to the pioneer retail investment platform in Europe to satisfy the strict regulatory requirements in Germany.
Bitpanda chief executive Eric Demuth assured investors of retaining the strict separation of the entity’s assets and customer deposits that have often been contravened. While calming customers over the crypto turbulence witnessed this year, Demuth portrayed Bitpanda Group as eliminating grey areas by offering safe and regulated platforms.
He added that besides the BaFin license, the Austria unicorn has landed other operating licenses in France, Italy, Sweden, Spain and Czech Republic alongside the approval to offer custody services in the UK. The expanding permissibility of Bitpanda across Europe portrays its suitability in facilitating investment where customer security is a collective priority.
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