Bitpanda has decided against a London listing due to concerns over limited trading volume on the London Stock Exchange (LSE).
Eric Demuth, one of the co-founders of the Austrian crypto platform, told the Financial Times that the company is exploring a public listing. However, London has been ruled out.
Instead, Bitpanda is looking at other possibilities, such as Frankfurt or New York. There is no set schedule for when the company might proceed.
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Demuth said the LSE’s trading volumes are not where they need to be for now. He added that while he hopes things improve in the future, he sees challenges ahead for London’s exchange over the next few years.
This hesitation comes at a time when other companies have also chosen to leave or avoid London’s stock market altogether. The UK has seen a decline in the number of companies going public.
According to data mentioned in the Financial Times, the first half of this year saw the lowest level of capital raised through London listings in the past three decades.
In addition to market performance, the UK has been criticized for its regulatory stance on crypto. In June, a report by the Official Monetary and Financial Institutions Forum (OMFIF) stated that the country missed its chance to lead in blockchain finance.
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