German Online Bank N26 to Launch Cryptocurrency Trading Business This Year – Bitcoin News

N26, a new German online bank, has announced that it will enter cryptocurrency trading this year. The announcement was made by Max Tainthal, the company’s co-founder and CEO, who considered whether it might be a better idea to focus on cryptocurrencies rather than go global. The company closed its UK operations and is now leaving the US

N26 to provide cryptocurrency services

N26, a German online bank, has announced that it will roll out cryptocurrency trading services to its clients this year. The bank’s co-founder, and one of its current CEOs, Max Tainthal, made the latest announcement expressing the need for it to be a global platform. Tayenthal also talked about the oversight the bank may have made in ignoring cryptocurrencies last year.

The CEO of the Financial Times said:

Should we build trading and cryptocurrency instead of launching it in the US? In hindsight, it was probably a smart idea.

N26, a bank with more than 7 million customers as of January 2021, made the decision to expand into the United Kingdom and the United States before launching these services. However, they actually exited the UK last year, and are currently closing their US operations, and Tainthal stated that this had to do with a shift in policy after noting that the bank was “spreading very thinly”, and that there were “many things to do rather than Placing flags in new markets.”

Regulatory issues

While the bank has been successful, valued at €7.8 billion (~$8.8 billion) last year, it has faced regulatory pressure from Bafin, the German financial technology regulator. According to the foundation, the company has encountered anti-money laundering compliance issues.

This is why the German regulator sets a cap on the number of N26 clients they can accept each month. Currently, only 50 thousand customers can log in to enjoy the capabilities and services offered by the company. Baffin assigned two representatives to track the company’s progress and submit a report. Tayenthal was confident that N26 could work with regulators to raise this limit affecting the company’s growth. The company signed an average of 170,000 clients a month last year before the cap was imposed. In this regard, Tainthal declared:

We have a plan. We have an understanding of what needs to be done and we are able to do it [it].

Bitcoin.com News also recently reported that other traditional banks could also offer cryptocurrency services to their customers starting this year.

What do you think of N26’s move to include cryptocurrency trading in its services? Tell us in the comments section below.

sergio@bitcoin.com

Sergio Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer, he entered the crypto space when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people who They do not deal with banks and the disadvantaged.

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