Binance CEO welcomes Standard Chartered move to launch Bitcoin trading desk Binance CEO welcomes Standard Chartered move to launch Bitcoin trading desk
Crypto community members have praised Standard Chartered's move as further evidence of institutional crypto adoption.
2 min read
Updated: Jun. 21, 2024 at 5:08 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Richard Teng has welcomed Standard Chartered into the crypto industry after reports revealed that the banking giant was preparing to launch a spot trading desk for Bitcoin and Ethereum.
This move would make the bank one of the first major traditional financial institutions to offer direct trading services for the top digital assets and could provide competition for Binance’s dominance of the sector.
Binance is the largest crypto exchange by trading volume and has faced several regulatory challenges over the past years. According to Kaiko data, over 53% of BTC’s overall trading volume on centralized exchanges occurs on the platform.
Pro-crypto moves
Sources familiar with the matter told Bloomberg that the new desk will be part of the bank’s foreign exchange trading unit and operate out of London. A spokesperson for the bank reportedly said:
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”
The bank has yet to respond to CryptoSlate’s request for additional commentary at press time.
Standard Chartered’s initiative reflects the growing demand for institutional crypto adoption and highlights the bank’s commitment to the emerging industry. Currently, the bank has stakes in two crypto businesses, Zodia Custodyย and Zodiac Markets, which provide services such as crypto custody and over-the-counter trading of digital assets.
Institutional interest
The crypto community has embraced the news of the bank’s move, viewing it as a significant step towards the continued institutional adoption of crypto.
Market experts explained that the move was unsurprising as traditional financial institutions like banks need to adapt to the current economic landscape, considering the approval of several crypto-related ETFs in major markets like the US and Hong Kong.
Nonetheless, banks would be required to navigate a stringent regulatory environment regarding their exposure to digital assets.
The Basel Committee on Banking Supervision advises banks to assign a 1,250% risk weight to unhedged crypto exposures. In the US, regulations such as the controversial SEC’s Special Accounting Bulletin (SAB) 121 impose additional constraints on banks dealing with digital assets.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,132.73
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.