The Nasdaq-listed digital asset financial services venture EQONEX Limited announced the launch of its BaFIN-approved USD-denominated Bitcoin Exchange-Traded Note (ETN) available on the German XETRA Exchange. In July, they already launched a Euro-denominated ETN, providing direct investment exposure to bitcoin via an exchange-traded product. Investors can trade in and out of ETNs via their existing brokerage accounts with Euro or USD. EQONEX is part of the Binance Group of companies.
Key Data
| Trading names | EQONEX Group EQONEX Digivault |
| Business activities | Digital asset management Crypto custodian services |
| Domains | https://group.eqonex.com https://eqonex.com https://digivault.com |
| Legal entities | EQONEX Limited, Singpore EQONEX Capital Limited, UK EQONEX Capital Pte Ltd, Singapore EQONEX Solutions Pte Ltd, Singapore EQONEX GmbH, Germany EQONEX SA, Switzerland |
| Part of | Binance Group |
| Related individuals | Jonathan Stuart Farnell Chi-Won Yoon Daniel Ling Paul Neil Ewing Vijay Selvam Markus Fecker James Cooper |
The ETN Products And News
The underlying Bitcoins are stored at Digivault, a digital asset custodian registered by the FCA under the Money Laundering Regulations (MLRs) with the reference number 927958. EQONEX Limited is the parent company of Digivault Limited, one of the cryptoasset businesses registered by the FCA under the Money Laundering Regulations (MLRs) with the reference number 927958.
In August 2022, EQONEX announced that it would close its crypto exchange (www.eqonex.com), which accounted for a significant portion of EQONEX Group’s revenue. The latest SEC filing said that the exchange ceased its operation on 15 August 2022.
The Binance Connection
In March 2022, EQONEX Limited entered into a strategic partnership with the Binance Group, making it a sort of subsidiary. Under the terms of the strategic alliance, Lithuanian Bifinity UAB provided a $36 million loan and has the right to nominate key management positions and Board members.
Regulatory Worries
In March 2022, the UK Financial Conduct Authority (FCA) said that it would be concerned about the announcement made by the Eqonex Group and the Binance Group. The regulator previously published its concerns about Binance. The Binance Group includes Binance Markets Limited. The FCA regulates Binance Markets Limited with reference number 688849 for a limited set of activities.
