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Penning
Penning Financial Services ApS · DK · 29 countries served
MiCA-licensed · Finanstilsynet (Dānija)★ 4.1 / 5
Penning Financial Services ApS is the first Danish full MiCA CASP (Finanstilsynet FTID 10902, 2026-01-15) and the only Danish firm with a crypto portfolio management licence. 190+ tokens across 28+ networks, 7 of 9 MiCA service categories, 29-country EEA passport.
NorriWire does not maintain an affiliate agreement with this platform.
Fees
Spot maker
0.50%
Spot taker
0.50%
SEPA deposit
Free
Card deposit
1.00%
SEPA withdrawal
Free
Crypto withdrawal (avg)
€0.00
Features
✓SEPA transfers
✓Bank ID support
✓Mobile app
✓Two-factor authentication
✓Cold storage custody
−Proof of Reserves
−Derivatives (futures/perp)
✓190+ crypto trading pairs
Supported fiat currencies: EUR, DKK
Pros
✓First Danish full MiCA CASP (FTID 10902, Finanstilsynet, 2026-01-15)
✓Only Danish CASP with a portfolio management licence
✓7 of 9 MiCA service categories - one of the broadest in the EU
✓190+ crypto tokens across 28+ blockchain networks
✓0% management fee on Penning Invest portfolios
✓Broker Desk with same-day settlement
✓ISO 27001 + DORA + ISO 20022 certifications
✓29-country EEA passport
✓MitID support for Norriwire clients
✓Client fund segregation (MiCA requirement)
Cons
✗Relatively new player (founded 2021, MiCA only from 2026)
✗Portfolio management €5,000 minimum is not for beginners
✗Detailed portfolio mgmt performance data is publicly limited
✗Interface only in English and Danish (LV, LT, ET not yet)
✗No public Proof of Reserves attestation
Full review
Penning - the first Danish MiCA CASP with a portfolio management licence
Penning is a Copenhagen-based crypto platform operated by Penning Financial Services ApS (CVR DK44645971). On 15 January 2026, Finanstilsynet (the Danish Financial Supervisory Authority) issued Penning a full MiCA CASP licence under FTID 10902 - making Penning the first full crypto company in Denmark to receive a MiCA licence. More importantly: Penning is the only company in Denmark authorised to provide crypto portfolio management services.
Key facts
Item
Assessment
MiCA CASP licence
Finanstilsynet FTID 10902 (2026-01-15)
MiCA service scope
7 of 9 categories (including portfolio management)
Registered country
Denmark (CVR DK44645971)
EEA passport
29 countries (excl. DK home market)
Supported assets
190+ crypto tokens across 28+ networks
Fiat currencies
EUR, DKK
Spot maker/taker
0.5% / 0.5%
SEPA deposit / withdrawal
€0 / €0
Portfolio management
Penning Trend and Penning Trade strategies
Portfolio mgmt fee
0% management fee (from €5,000 minimum)
Broker Desk
Same-day settlement, OTC orders
Certifications
ISO 27001, DORA, ISO 20022
2026 expansion
SE/NO H1 2026, then DE/NL
Why Penning is unique in the Norriwire region
Penning is not just another MiCA CASP - it is the first Nordic platform that combines regulated crypto trading with Danish FSA-approved portfolio management under one roof. Several reasons make this significant:
First Danish full MiCA licence - before Penning there was virtually no regulated crypto sector in Denmark
Penning · NorriWire
✗Spot fee of 0.5% is higher than at major exchanges
✗No derivatives (not in MiCA category)
✗DK clients via separate channel (no EEA passport)
Only Danish CASP with portfolio management - this is a rare MiCA category across the entire EU
7 of 9 MiCA service categories - one of the broadest licences in the whole EU
Multi-chain depth - 190+ tokens across 28+ blockchain networks
Traditional finance and crypto fusion - DORA + ISO 20022 standards
Fees and pricing structure
Service
Price
Spot maker
0.5%
Spot taker
0.5%
SEPA deposit
€0
Card deposit
1%
SEPA withdrawal
€0
Crypto withdrawal
Network fee
Instant buy spread
1.0%
Portfolio management
0% management fee
Portfolio mgmt minimum
€5,000
Broker Desk minimum
Depends on OTC order
Penning Invest portfolio management offers two actively managed strategies:
Penning Trend - trend-following strategy focused on large-cap tokens
Penning Trade - active trading strategy with deeper altcoin exposure
Both strategies are supervised by the Danish FSA, and the management fee is 0% - Penning generates revenue from spot and OTC trading commissions.
Finanstilsynet issued Penning the MiCA CASP licence on 2026-01-15 with FTID 10902. The licence covers 7 of 9 MiCA service categories:
Crypto-asset custody and administration
Operating a trading platform
Exchange of crypto-assets for fiat currency
Exchange of crypto-assets for other crypto-assets
Execution of crypto-asset orders
Crypto-asset portfolio management (rare!)
Investment advice on crypto-assets (rare!)
The passport covers 29 EEA countries (Danish home market excluded, where DK clients are served directly under Finanstilsynet supervision).
Certifications and security
Penning has acquired several institutional-grade compliance certifications:
ISO 27001 - information security standard
DORA (Digital Operational Resilience Act) - EU digital resilience regulation for financial sector
ISO 20022 - financial data exchange standard (the same used by SWIFT and instant payments)
This combination of certifications is rarely seen at crypto exchanges - most platforms do not adhere to ISO 20022 because it is a traditional banking standard.
Pros
First Danish full MiCA CASP (FTID 10902, Finanstilsynet, 2026-01-15)
Only Danish CASP with portfolio management licence
7 of 9 MiCA service categories - one of the broadest in the EU
190+ tokens across 28+ blockchain networks
0% management fee on Penning Invest portfolios
Broker Desk with same-day settlement
ISO 27001 + DORA + ISO 20022 certifications
29 EEA-country passport
MitID support for Norriwire clients
Client fund segregation (MiCA requirement)
Cons
Relatively new player (founded 2021, MiCA only from 2026)
Portfolio management €5,000 minimum is not for beginners
Detailed portfolio management performance data is publicly limited
Interface only in English and Danish (LV, LT, ET not yet available)
No public Proof of Reserves attestation
Spot trading commission of 0.5% is higher than major exchanges (Kraken, Coinbase ~0.2-0.4%)
No derivatives (not in MiCA category)
DK clients are not served via EEA passport (separate channel)
Bottom line
Penning is the most interesting Danish MiCA story of 2026. It is not a competitor to Kraken or Bitstamp by volume, but it occupies a niche that no one else in Denmark has opened - regulated crypto portfolio management under Danish FSA supervision. The wide 7-of-9 MiCA service scope and Norriwire proximity (Copenhagen is less than 1,000 km from Riga, Tallinn, Helsinki) make Penning an interesting option for Norriwire investors looking for a regulated passive management vehicle.
Before depositing larger sums, note: the portfolio management minimum is €5,000, and detailed spot fee tiers may shift slightly after home-market policy adjustments.
