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2026-05-08

BigeDirect ApS Refused Application for License to Provide Crypto-Asset Services

The Danish Financial Supervisory Authority (Finanstilsynet) has refused BigeDirect ApS’s application for a crypto-asset service provider license due to insufficient operational presence and management functions in Denmark. The regulator determined that the company failed to satisfy the transitional arrangement prerequisites, which require an established local footprint to guarantee effective supervision and domestic decision-making. Consequently, BigeDirect must immediately cease all crypto-asset service activities from the decision date, pursuant to Article 63(10)(d) of MiCA and Section 332c(1) of the Danish Financial Business Act.

Denmark

Finanstilsynet Denmark

Decision 08-05-2026

On 30 April 2026, the Danish Financial Supervisory Authority (Finanstilsynet) decided to refuse BigeDirect ApS’s application for a license as a crypto-asset service provider.

Finanstilsynet registered BigeDirect ApS, CVR no. 43762125, as a provider of services related to virtual assets (VASP) on 27 February 2023. On 29 December 2024, BigeDirect applied to Finanstilsynet for a license as a crypto-asset service provider [1]. BigeDirect was thus covered by a transitional arrangement, under which the company could continue to provide crypto-asset services for 18 months after 30 December 2024, unless the company received a refusal of the license application during this period [2].

In assessing BigeDirect’s application, Finanstilsynet placed emphasis on the company’s lack of presence in Denmark. Finanstilsynet assessed that BigeDirect did not have sufficient presence in Denmark, as the company only had limited management functions in Denmark, meaning Finanstilsynet was not satisfied that decision-making authority was exercised from Denmark, or that BigeDirect genuinely intended to operate the business from Denmark.

Finanstilsynet placed particular emphasis on the fact that BigeDirect applied for a license under a transitional arrangement, which presupposes that the company was already providing its crypto-asset services at the time of application and was therefore established in the country.

Finanstilsynet is not satisfied that it can conduct effective supervision of BigeDirect due to the lack of actual connection to Denmark.

Overall, Finanstilsynet assessed that BigeDirect does not meet the requirements for sufficient presence and execution of activities in Denmark. Finanstilsynet has therefore refused the application, pursuant to Article 63(10)(d) of MiCA, read in conjunction with Section 332c(1) of the Financial Business Act. This means that BigeDirect must cease its activities from the date of the decision.

The decision was taken by Finanstilsynet after submission to Finanstilsynet’s Board of Directors pursuant to Section 345(12)(4) of the Financial Business Act.

[1] Cf. Article 62 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (MiCA).

[2] Cf. Section 17(6) of Act No. 481 of 22 May 2024 amending the Financial Business Act, the Payments Act, the Capital Markets Act and various other acts.

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