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Saxo Bank

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Number of employees
2017 year
1500
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iPhone Saxo Bank - one of the brokers licensed by the European Union - provides private investors and institutional clients with online trading opportunities in global financial markets in FOREX currency pairs, difference contracts (CFDs), exchange-traded funds (ETFs), stocks, futures, options and other derivatives through three specialized platforms: SaxoTrader, SaxoWebTrader and SaxoMobileTrader (including apps for iPad Android). The platforms are available in more than 20 languages. In addition, Saxo Bank offers services and partner programs for institutional clients.

Saxo Bank headquarters in Copenhagen; representative offices are open in Russia, European countries, Asia, the Middle East, Latin America and Australia. Saxo was founded in 1992, the bank's main office is located in Copenhagen, in total the bank employs more than 1,500 employees in various financial centers of the world, including London, Singapore, Paris, Zurich, Dubai and Tokyo.

2023: Forced abandonment of cryptocurrency assets

On July 4, 2023, the Danish Financial Supervision Authority (DFSA) officially ordered local investment bank Saxo Bank to get rid of cryptocurrency assets.

The regulator said Saxo Bank's cryptocurrency activity was "outside the legitimate business of financial institutions." It is noted that Saxo Bank provides customers with the opportunity to trade cryptocurrencies through its platform. In addition, Saxo Bank trades crypto assets at its own expense in order to cover the risks associated with the offer of other financial products. However, such activities are prohibited in Denmark. On this basis, Saxo Bank is ordered to get rid of its own assets in cryptocurrency.

Danish financial regulator forced Saxo Bank to get rid of cryptocurrency assets
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Saxo Bank A/S trading in crypto assets at its own expense took place to cover risks. However, this does not change the fact that this activity itself is not allowed for Danish financial institutions, the regulator said in a statement.
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The DFSA said in a statement that uncontrolled trading in crypto assets could cause distrust of the financial system. Regulations on cryptocurrency asset markets (MiCA) will fully enter into force in Denmark from December 30, 2024. Therefore, until then, the industry actually remains unregulated.

Saxo Bank attracted increased attention from regulators after it was recognized as systemically important in June 2023. Representatives of the institution said Saxo Bank owns "very limited cryptocurrency assets." And therefore, the DFSA decision will have minimal impact on the business, and customers "will not experience any significant changes."

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Of course, we take into account the order of the financial inspectorate and will carefully study it in order to decide what actions to take in the future, Saxo Bank said.[1]
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2022: Forced closure of accounts of customers from Russia and Belarus

In April 2022, clients from Russia who opened brokerage accounts with Danish Saxo Bank received notifications about their closure from June 6, 2022. The decision was made against the background of Russia's special operation in Ukraine and the EU sanctions that followed.

The same restrictions apply to citizens. Belarus If citizens of Russia or Belarus have residency in one of the countries, European Union their accounts will not be closed.

Accounts of investors from other CIS countries (Kazakhstan, Ukraine, Azerbaijan, etc.) will continue to be served in the same mode. Within two months, investors must either close all positions and withdraw the money, or transfer it to another broker.

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