Financial Services Authority Closes Bankless-Life

Austrian p2p lending service Bankless-Life (see earlier coverage on Bankless-Life’s launch) was closed by the FMA, the authority supervising banking regulation in Austria. The FMA sent an order to Bankless-Life on Dec. 22nd, demanding it to stop arranging loans, since it lacks the necessary concessions. Today FMA issued a notice to the public, informing potential lenders that the offering of the service is not in compliance with the law. has published a statement on their website on planned legal steps against the order to close.

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