German online bank N26 to expand crypto trading

FRANKFURT (Reuters) – German online bank N26 said on Tuesday that it would expand the list of countries where its customers may trade cryptocurrencies to include those in Germany and Switzerland.

In addition, N26 said it would provide the service for customers in Belgium, Portugal and Ireland.

Last year, N26 began offering crypto trading for some customers in Austria only, in its first foray into the asset class.

The prices of major cryptocurrencies such as bitcoin and ether have fallen sharply over the past year as a broader downturn in global markets prompted investors to ditch risky assets and following the collapse of Sam Bankman-Fried’s FTX.

N26 said it would roll out the expanded trading gradually over the coming weeks.

Founded in 2013, the Berlin-based bank has been cited by regulators for lapses in its anti-money laundering controls. The bank has said that it has made improvements.

(Reporting by Tom Sims and Marta Orosz; Editing by Miranda Murray)

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