Saxo Bank to Restrict Onboarding Clients in July

Saxo Bank has announced a change in its service offerings, informing partners that it will restrict onboarding clients from a number of countries effective July 1, 2024. This decision comes as Saxo Bank aligns its operations with its risk appetite and regulatory requirements, aiming to enhance operational efficiency.

The list of countries from which Saxo Bank will no longer onboard direct clients includes Albania, Argentina, Aruba, Bahrain, Bonaire, Sint Eustatius and Saba, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, China, Curacao, Cyprus, Egypt, French Guiana, French Polynesia, Georgia, Guadeloupe, Guernsey, India, Indonesia, Isle of Man, Jersey, Jordan, Kuwait, Martinique, Mauritius, Mayotte, New Caledonia, New Zealand, Oman, Réunion Island, Saint Barthelemy, Saint Martin, Serbia, Seychelles, Sint Maarten, South Africa, Taiwan, Turkey, and Uruguay.

Saxo Bank to Restrict Onboarding Clients in July

Moreover, countries where Saxo Bank will continue to support clients, subject to license checks and local conditions, include Australia, Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Greece, Greenland, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Japan, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Thailand, United Arab Emirates, and the United Kingdom.

Also, in a statement, Saxo Bank emphasized its commitment to optimizing resources, ensuring regulatory compliance, and mitigating risks. The bank aims to focus its efforts on delivering high-quality services and innovative solutions in markets that align with its business objectives.

While existing clients in unsupported regions will not be immediately affected, Saxo Bank anticipates completing the offboarding process for all clients in these regions by the end of the year. As part of the regulatory requirements, Saxo Bank will communicate directly with affected clients during the offboarding process.

Earlier in June 2024, Saxo Bank confirmed it was evaluating strategic opportunities for its presence in the Asia-Pacific region.

Company Overview

Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.

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