Bitpanda Financial Services GmbH Secures Enhanced License Under Austria’s New Securities Trading Act”

tamir
Fri, 12 Apr 2024 16:36:32 +0000
Compliance, Crypto, FMA, BitPanda, Bitpanda Financial Services

Bitpanda Financial Services GmbH, a subsidiary of the Austria-based crypto exchange operator Bitpanda, has been granted an extended license by the Financial Market Authority (FMA) under the updated Austrian Securities Trading Act (WpFG). This extension positions Bitpanda among the pioneering investment firms that can navigate and comply with the stringent requirements introduced by the new legislative framework.

The augmented license encompasses a broader scope of securities and ancillary securities services that the firm is now authorized to offer commercially. These services include accepting and transmitting orders, trading on behalf of the company’s own account, and the safekeeping and administration of financial instruments. Notably, these provisions include the custody of client funds and financial instruments.

Prior to this extension, Bitpanda Financial Services GmbH‘s operational remit was limited to the forwarding of customer orders to trading venues, a service encapsulated under the “acceptance and transmission of orders.” The recent expansion of its license significantly broadens the spectrum of services that Bitpanda can offer.