Standard Chartered Bank is reportedly setting up a trading desk for Bitcoin and Ethereum, making it one of the first international banks to introduce spot trading of cryptocurrencies. According to two sources familiar with the matter, the new cryptocurrency trading desk will be part of the bank’s foreign exchange trading division and will operate in London. While banks such as Goldman Sachs have been trading cryptocurrency derivatives for years, strict regulatory requirements prevent them from directly trading the underlying assets. The Basel Committee on Banking Supervision has proposed that banks should apply a 1250% risk weight to any unhedged cryptocurrency exposure, making it difficult for banks to generate profits. In an email statement, Standard Chartered Bank said: [img]
Are Stablecoins Primarily Used for Money Laundering? Blockchain Analysis Firm Reports 99% of Stablecoin Transactions Will Be for Legitimate Purposes in 2024.
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