According to FX News Group, the Danish Financial Supervisory Authority (Danish FSA) has rejected the license applications for BigeDirect ApS and Fuse Loyalty ApS as cryptocurrency asset service providers, citing reasons including insufficient presence in Denmark, unclear decision-making and operational controls, which prevent effective supervision by regulators. Among them, Fuse Loyalty was also accused of outsourcing a large portion of its business to group entities and third parties outside Denmark and the European Union, indicating a lack of independence; the company must cease related activities from the date of the decision.