According to the Financial Times, London-based asset manager Jupiter Asset Management has canceled its XRP investment due to compliance issues.
The news stated that the reason for the cancellation was the regulations in Ireland.
See Also: XRP Price Prediction: A Fresh Rally Is Around The Corner?
The company reportedly canceled its XRP ETP investment because Irish authorities did not allow crypto exposure in funds managed under UCITS, which stands for Collective Investment Undertakings in Transferable Securities.
Jupiter’s Ireland-based Gold and Silver fund purchased $2.57 million from 21Shares’ Ripple XRP ETP in the first half of 2023.
The investment was later detected by regulators during the company’s routine “oversight process” and the company’s compliance team subsequently ordered the fund to divest its XRP holdings.
See Also: Ripple CTO Clarifies Some Misunderstanding In Hacken’s XRP Hack Analysis
The company’s XRP investment resulted in a loss of $834.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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- Source: https://bitcoinworld.co.in/london-based-company-jupiter-asset-management-withdrawn-its-xrp-investment-heres-why/
