Danske Bank Ditches Crypto Ban, Offers Bitcoin and Ethereum ETPs

Danske Bank, Denmark's largest lender, has reversed its stance on cryptocurrencies and is now offering exchange-traded products (ETPs) for Bitcoin and Ethereum to its customers. The bank had prohibited all crypto services since 2018 due to transparency and regulatory concerns.

The ETPs will be available through Danske Bank's eBanking and Mobile Banking platforms, allowing self-directed investors who trade without advice to access the products. BlackRock and WisdomTree are supplying the ETPs, which track the price movements of Bitcoin and Ethereum without requiring direct token ownership.

Kerstin Lysholm, head of investment products at Danske Bank, stated that customer inquiries increased as cryptocurrency became more established as an asset class. She noted that regulation has strengthened investor protections and market transparency, leading to a decision to offer regulated exposure options.

The bank emphasized that it does not recommend crypto as an asset class and views digital assets as opportunistic rather than long-term portfolio holdings. Access remains limited to customers who pass appropriateness tests demonstrating sufficient knowledge, and all customers must complete suitability checks confirming they grasp product characteristics before executing trades.