Goldman Sachs is withdrawing from trading in cryptocurrencies (for now)

According to the Business Insider portal, Goldman Sachs suspends plans to launch a platform dealing in the sale of cryptocurrencies. It seems that the bank is still afraid of the uncertainty of this market related to the lack of regulation.

In October last year, the bank set up a special working group to prepare a platform for trading digital currencies. Two months later, the news appeared in the media, according to which “the bank hopes that the trading desk will be ready no later than in June”. The project was also joined by Justin Schmidt, a professional cryptocurrency trader, a former employee of Seven Eight Capital or WorldQuant

No regulations

However, as we now learn, the bank postpones these plans because “the regulatory framework around crypto accounts remains still unclear”.

The bank probably expected “certain legal changes that must still materialize and that would protect banks, such as Goldman, against some of the risks that are characteristic of trading in cryptocurrencies.”

So Goldman does not give up his idea, but he is waiting for better times. Since May this year, in addition, it has bitcoin futures and currency exchange contracts (CFDs). The plans also include the creation of a cryptocurrency deposit service for institutional clients.

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