According to the Financial Times, London-based asset manager Jupiter Asset Management canceled its XRP investment due to compliance issues.
The news stated that the reason for the cancellation was the regulations in Ireland.
The company has been banned since Irish authorities do not allow crypto exposure in funds managed under UCITS, which stands for Collective Investment Undertakings in Transferable Securities. XRP It was reported that ETP canceled its investment.
Jupiter’s Ireland-based Gold and Silver fund will launch 21Shares in the first half of 2023. Ripple Bought $2.57 million from XRP ETP.
The investment was later detected by regulators during the company’s routine “surveillance process” and the company’s compliance team subsequently ordered the fund to divest its XRP holdings.
The company’s XRP investment resulted in a loss of $834.
*This is not investment advice.
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