Citigroup is said be waiting for regulatory approval before it can offer bitcoin futures to its customers. “We are currently considering products such as futures for some of our institutional clients, as these operate within strong regulatory frameworks,” Citigroup said.
Citigroup Waits for Regulatory Approval to Trade Bitcoin Futures
Citigroup Inc. is reportedly considering offering its largest clients the ability to trade bitcoin futures, Bloomberg reportedTuesday
Citigroup quoted Citigroup as saying, “Our customers are increasing interest in this space, so we are following these developments.” “Given the many questions regarding regulatory frameworks, supervisor expectations and other factors, we are very careful with our approach. The bank said:
We are currently looking at futures products for some of our institutional clients, as they operate within strong regulatory frameworks.
The publication also stated that the bank was still waiting for regulatory approval to trade CME Bitcoin futures, citing an individual familiar with the matter.
Citigroup was reported to be considering launching crypto services in May after a “very rapid” increase in interest from large asset managers and clients. According to reports, Citigroup had established a “digital assets pool” within its wealth management unit in June. This was based on a memo that had been sent to staff.
Jane Fraser, Citigroup CEO and founder, testified to the Senate Banking Committee about cryptocurrency in May. She stated that Citigroup had a “measured approach” to cryptocurrency because it wanted to “understand changes in the digital assets space and the use distributed ledger technology. This included demand and the interests, regulatory developments and technological advancements.
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