The leading crypto exchange has rejected the chance to launch in the UK due to lack of share trading liquidity on the London Stock Exchange.
Bitpanda has ruled out a potential listing in London, in a fresh blow to the UK’s struggling capital markets. The leading crypto exchange, founded in Austria, is instead considering alternative locations around the world, including Frankfurt and New York.
CEO and co-founder Eric Demuth confirmed the firm would not be considering London due to weak liquidity on the London Stock Exchange (LSE). He pointed out that various companies have switched from the LSE in search of deeper demand. This includes money transfer service Wise, one of the UK’s largest financial technology businesses.
The company joins a long list of recognised names in the crypto world currently preparing initial public offering (IPO) listings in the US. Blockchain lender Figure, the Winklevoss twins’ Gemini, and custodian BitGo have all recently filed to go public in New York.
No date has yet been set for Bitpanda’s New York IPO but bosses have made it clear that London will not feature in any future decision. It is a further sign of London’s fading appeal for high-growth technology and crypto businesses seeking global capital.
Why is Bitpanda rejecting a UK listing?
Speaking to the Financial Times, Demuth stated that London no longer attracts strong investor interest compared with rival global exchanges. He described liquidity conditions at the LSE as weak, pointing to ongoing struggles faced by technology companies seeking capital.
Demuth added that the environment in New York appears more welcoming, with investors and regulators showing greater support for digital assets. He also noted that the US currently offers stronger liquidity and clearer rules, further boosting market confidence.
Generally speaking, Bitpanda’s reluctance to list in the UK also reflects its own business focus. The exchange only launched in the British market this year and continues to earn most of its revenues in continental Europe.
More woes for London following Bitpanda’s decision
The announcement comes as London faces one of its most severe IPO droughts in decades. In the first half of 2025, companies raised between £160m and £182.8m, the lowest figure in 30 years.
This represents a sharp fall from a peak of £8.8 billion ($11.8 billion) which it reached back in 2021. Even when secondary share issues are included, overall fundraising remains at historic lows. It serves to highlight the serious ongoing challenges faced by the UK’s financial markets.
Last month, the London Stock Exchange Group (LSEG) was considering extending its hours of operation to 24-hour trading. London was seeking to keep up with rival global exchanges that are already turning to round-the-clock hours in response to changing investor behaviour and increased demand for flexible market access.
In an attempt to reverse the slide in IPO activity, the UK government has introduced a number of different reforms. However, officials have so far struggled to improve the situation as it stands. Politicians and regulators want London to remain a key global market hub, but trading volumes remain relatively thin.
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