According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas LLP.

Just recently, the cryptocurrency custodian Xapo sent out a wave of emails that noted it would not serve U.S. customers going forward. “Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external bitcoin address,” the company detailed.

This email followed the announcement Xapo made this past spring when it said that the company plans to become a digital bank in Gibraltar. “We will be relaunching as a digital bank late this year,” the company disclosed. On January 20, 2021,…

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Source: https://news.bitcoin.com/reports-show-crypto-custodian-xapo-set-to-be-a-digital-bank-in-gibraltar/