N26, a German online bank, announced on Thursday that it will close its operations in the United States, the latest setback for one of Europe’s most valuable fintech.
The bank, which has been under examination by German regulators, has announced that it will no longer make sales in the United States as of January 11. It stated that it would “hone in on its European operations.”
BaFin, Germany’s financial regulator, ordered online bank N26 to limit the number of customers it accepts and appointed a second special representative to oversee the bank earlier this month.
Following instructions from May, BaFin penalized N26 for failures in money laundering procedures in September.
