🚨important
🌐Jupiter Asset Management Dumps $2.5 Million in XRP: Should Investors Worry?
In an unexpected move, London-based Jupiter Asset Management (JUN), managing over $65.8 billion, had to sell a significant $2.58 million investment in Ripple’s XRP in the first half of 2023. Regulatory issues led to the cancellation of the investment, shedding light on the complexities of cryptocurrency investments.
Jupiter’s Compliance Clash
Jupiter’s compliance department intervened, preventing their investment team from holding a cryptocurrency exchange-traded product in one of its Irish Ucits funds. This highlighted the differing regulatory approaches within the European Union, creating challenges for investment managers seeking consistency with cryptocurrencies.
Initially investing $2.58 million in 21Share’s XRP, Jupiter’s Gold & Silver fund reversed its decision during routine checks, losing $834 in the process. The primary reason was the intricate web of crypto regulations across Europe, particularly restrictions faced by the fund domiciled in Ireland..
$XRP
