Denmark based CASP4.8/5Penning vs Lunar — the MiCA-licensed Danish alternative
Lunar is a Danish challenger bank whose in-app crypto platform, Lunar Block, was the first in Scandinavia to be authorised as a CASP under MiCA. Both firms are Danish and both hold a MiCA CASP authorisation from Finanstilsynet, so the comparison is about what each licence covers and what happens to the asset. Lunar Block is a closed, in-app platform authorised for custody and order execution. Penning is authorised for a broader set of services — including portfolio management, which no other Danish CASP holds — and delivers crypto to a wallet you control.
Comparison
Penning vs Lunar — feature by feature
Lunar is based in Denmark. The comparison below reflects published information about each platform's product offering.
| Penning | Lunar | |
|---|---|---|
| Regulatory status | CASP (Danish FSA, FTID 10902) — authorised 15/01/2026 | CASP via Lunar Block A/S (Danish FSA) — authorised 15/09/2025, the first in ScandinaviaSource: ESMA CASP register · checked 17 Jul 2026 |
| Authorised services | Seven services: custody, exchange for funds, exchange for crypto, execution, reception & transmission of orders, portfolio management, and transfers | Two services: custody and administration, and execution of ordersSource: ESMA CASP register · checked 17 Jul 2026 |
| Portfolio management | Authorised for MiCA service (i) and offers it as Penning Invest — the only Danish CASP with this authorisation | Not authorised for portfolio managementSource: ESMA CASP register · checked 17 Jul 2026 |
| Platform model | Open platform — trade, swap and invest, with crypto delivered to your own wallet | A closed, in-app platform: buying and selling crypto inside the Lunar banking appSource: Lunar press release, 14/10/2025 · checked 17 Jul 2026 |
| Custody | Not held — crypto delivered to your own wallet on every trade | Authorised for custody and administration of crypto-assets on behalf of clientsSource: ESMA CASP register · checked 17 Jul 2026 |
| Banking relationship | Not a bank — a specialist crypto firm; you keep your existing bank | A bank; crypto sits alongside your Lunar account, and a Lunar account is the entry pointSource: lunar.app · checked 17 Jul 2026 |
| Native cross-chain swap | Native Swap — settles in the destination asset on 28+ chains | Not offeredSource: lunar.app/dk/privat/krypto · checked 17 Jul 2026 |
| Broker desk / OTC | Named broker desk + OTC block trades from €100,000 | Not offeredSource: lunar.app/dk/privat/krypto · checked 17 Jul 2026 |
Good fit
Who Penning is a good fit for
Penning fits if you want crypto delivered to a wallet you control, a broader set of authorised services including managed strategies, and a broker desk for larger trades. Lunar Block fits if you already bank with Lunar and want to buy and hold crypto inside the app you use every day.
Alternatives
Other comparisons
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