What’s changing for me as a Ledn client in the EU and when?
Specific Ledn products will be unavailable or modified in certain EU countries as of April 1, 2025.
Across the EU:
- Dual Cryptocurrency Notes will no longer be available. Existing DCNs taken before April 1, 2025, will run to maturity.
- USDC & USDT Growth accounts will no longer be available. As of April 1, 2025, interest rates on these accounts will be 0%. We encourage clients to move these assets from their Growth accounts to their Transaction accounts. You will receive your final interest payout from these accounts as normal on April 1, 2025.
- In the following countries, Dollar Loans will only be available for non-personal purposes. Loans will not be available for personal, family or household purposes.
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- Greece
- Hungary
- Ireland
- Latvia
- Lithuania
- Luxembourg
- Malta
- Netherlands
- Portugal
- Romania
- Slovakia
- Slovenia
- Sweden
In France, Germany & Italy:
- New loan applications, including B2X, will no longer be available.
- Existing loans in these countries can run to maturity but cannot be refinanced and will not automatically renew upon maturity after April 1, 2025. If your loan has not been repaid on the maturity date, your collateral will be sold to repay the loan and any remaining collateral will be returned to your Transaction account. We encourage clients to repay their loans before their maturity dates if they prefer not to have this treatment applied.
- BTC, ETH, USDC & USDT Growth accounts will no longer earn interest. As of April 1 2025, interest rates on these accounts will be 0%. We encourage clients to move these assets from their Growth accounts to their Transaction accounts. You will receive your final interest payout from these accounts as normal on April 1, 2025.
- Dual Cryptocurrency Notes will no longer be available. Existing DCNs taken before April 1, 2025, will run to maturity.
In Switzerland:
- New B2X loan applications will no longer be available.
- New loan applications for Bitcoin and ETH backed loans must be for at least $100K USD to be approved.
- BTC, ETH, USDC & USDT Growth accounts will no longer earn interest. As of April 1 2025, interest rates on these accounts will be 0%. We encourage clients to move these assets from their Growth accounts to their Transaction accounts. You will receive your final interest payout from these accounts as normal on April 1, 2025.
- Dual Cryptocurrency Notes will no longer be available. Existing DCNs taken before April 1, 2025, will run to maturity.
What qualifies as a non-personal loan purpose?
Ledn will no longer provide loans for personal, family or household purposes and will only provide loans for business or commercial purposes. This means that you intend to use the loan towards business or commercial expenses, such funding a business. Loan proceeds cannot be used for personal, family, or household expenses such as buying consumer goods for personal use.
Does Ledn have plans to re-instate these products in the future?
At this time, Ledn does not plan to reinstate the affected products in the future. We will notify you of any further changes to the available products in your jurisdiction.
Why are these changes happening?
Ledn is in the process of obtaining authorization as a crypto-asset service provider (CASP) under the EU’s Markets in Crypto-Assets (MiCA) regulation in order to continue to offer as many products and services as possible to our clients in the EU. Ledn is committed to adhering to all local laws and regulations in the markets we operate in, and this authorization will enable Ledn to provide longer-term clarity to our clients.
These changes are our first step towards this undertaking. We will continue to communicate with clients when we move further along the authorization process, including providing additional information on how these changes may impact your Ledn account.
What do I need to do?
We recommend two actions to impacted clients at this time:
- For clients who will no longer earn interest on their Growth accounts, please withdraw your assets to your Transaction accounts starting on April 1, 2025.
- For clients in Germany, France and Italy, you have the option to repay your loan at any point prior to the maturity date. After the maturity date, Ledn will close your loan by selling enough collateral to repay your loan and will return the remaining collateral to your Transaction account.