Safello to change banking partner due to Handelsbanken’s termination of business relationship
Stockholm, 29 June 2023 | Safello, the leading crypto exchange in the Nordics, is changing its banking partner due to Handelsbanken’s termination of Safello’s business relationship.
Handelsbanken has chosen to terminate the business relationship with Safello group, following the bank's decision to revoke Safello’s access to Swish earlier this year. The decision means that Handelsbanken will cease the provision of bank accounts and ancillary services for the group. The termination will take effect earliest 30 September 2023.
The reason for the termination is stated to be insufficient knowledge about Safello as a customer. Handelsbanken approved Safello’s KYC in Q4 2022 and has since then not required any new documentation. Handelsbanken has not communicated any other reasons for the termination.
Safello and Handelsbanken will work on the migration of operational volumes in order to ensure a strong client protection. As of today, Safello has bank accounts in Jyske Bank, Swiss FlowBank, a client funds account in Swiss Incor Bank via BCB Group, and is currently ongoing several onboarding processes with banks in Europe and Sweden.
“This was an expected sequence following the previous actions taken by Handelsbanken. We have taken measures to prepare for a migration from Handelsbanken in order to keep business as usual. Going forward, Safello will have several banking partners and payment service providers in order to mitigate concentration risks with counterparties.", says Emelie Moritz, CEO, Safello.
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This information is such that Safello Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below, for publication on 29 June 2023.
For more information, please contact
Emelie Moritz, CEO, ir@safello.com
Certified Adviser
Amudova AB is Safello’s certified adviser. Phone +46 8 546 017 58. E-mail: info@amudova.se
Safello is the leading cryptocurrency exchange in the Nordics, with over 320,000 users. The company is empowering financial independence by making crypto accessible to everyone. Safello offers a secure way to buy, sell and store crypto in seamless transactions at industry-leading speeds. Operating in Sweden, Safello has been registered as a financial institution with Finansinspektionen (Swedish Financial Supervisory Authority) since 2013 and is listed at Nasdaq First North Growth Market since 2021. For more information visit www.safello.com.