According to the Financial Times, London-based asset manager Jupiter Asset Management canceled its XRP investment due to compliance issues.
The news stated that the reason for the cancellation was the regulations in Ireland.
The company reportedly canceled its XRP ETP investment because Irish authorities did not allow crypto exposure in funds managed under UCITS, which stands for Collective Investment Undertakings in Transferable Securities.
Jupiter's Ireland-based Gold and Silver fund purchased $2.57 million from 21Shares' Ripple XRP ETP in the first half of 2023.
The investment was later detected by regulators during the company's routine “oversight process” and the company's compliance team subsequently ordered the fund to divest its XRP holdings.
The company's XRP investment resulted in a loss of $834.
*This is not investment advice.
