Bitpanda receives the license to operate in Norway

Bitpanda, a leading Austrian cryptocurrency exchange, recently managed to secure a license that will allow it to offer its services to crypto users in Norway.

The company received a virtual asset service provider license, allowing it to expand into one of the most promising European markets, thus gaining a notable edge in the European space.

Bitpanda expansion continues

Bitpanda is one of the most prominent rising exchanges in Europe, and it already holds licenses in several countries and territories. It holds a license in its native country of Austria but also in Germany and France — two other major markets. With the Norwegian license, Bitpanda now gets to expand to yet another European nation.

Its deputy CEO, Lukas Enzersdorfer-Konrad, stated that he sees this as a significant stride for the company’s footprint in Europe. While Norway is not an EU country, it has shown great interest in digital currencies and blockchain technology over the years.

One of its major banks, DNB ASA, partnered with IOTA Foundation some time ago, in order to explore the potential benefits of DLT. In addition, Noway’s Kryptovault is among the largest Bitcoin mining farms in the world.

The country has even made strides when it comes to regulating the crypto industry, although it took a more independent route compared to other nations in Europe. For example, its central bank issued an annual report assertation, which said that EU-wide MiCA regulations might not fully address the regulatory needs of the crypto industry, which raised a lot of eyebrows across the continent.

Bitpanda thrives where Binance couldn’t

While Bitpanda seemingly had the good fortune to enter the Norwegian market and expand its business, the same cannot be said for all leading crypto exchanges. Binance, for example, had to withdraw from the Norwegian market two years ago, in 2021. At the time, the exchange said that the reason for leaving are regulatory challenges.

However, Bitpanda’s CEO stated that it is clear that Europeans need an investment platform that is trustworthy, and Bitpanda aims to satisfy this demand. He noted that Bitpanda has been the only European provider to receive licenses in Germany, Sweden, and now Norway in the last 12 months.

Thanks to these expansions, the exchange now has over four million users across Europe. Furthermore, this also allowed it to enable some of the leading financial institutions and neobanks in Europe to offer crypto assets.

The exchange saw some restructuring earlier this year, in June, when it split into two separate entities. One of them was the crypto exchange Bitpanda Pro, which has since rebranded into an independent entity called One Trading.

Bitpanda decided that splitting into two separate companies would allow it to focus on the growth and development of its exchange. The move, coupled with decent funding, is expected to upgrade the company’s capabilities. Meanwhile, the entity that remains Bitpanda can navigate regulatory requirements more easily compared to One Trading. This is because One Trading aims to offer derivatives, which tends to come with special requirements that would otherwise hold Bitpanda back.