Citigroup to Open Crypto Risk Assessment Unit

Citigroup is looking to staff up a unit of the bank looking at risks associated with money laundering thru crypto
18 April 2018   1405

One of the largest banking conglomerates in the US Citigroup has opened the position of vice president and senior vice president in a new division to assess the risks associated with money laundering through bitcoin and other crypto-currencies. According to Business Insider, the announcement of the vacancy is posted on the LinkedIn.

In particular, the duties of senior vice president will include monitoring of the growing digital currency market and AML-analysis of transactions, which will ensure cybersecurity when using cryptocurrency and new payment methods.

Applicants are required to have a certificate confirming professional knowledge in the field of cryptocurrency. The document can be obtained from the results of passing a two-year special course from the Crypto-Currency Certification Consortium.

It is worth noting that unlike Morgan Stanley and Goldman Sachs, Citigroup does not carry out clearing deals with bitcoin futures for customers, and also prohibits buying credit cards using credit cards. Nevertheless, the management of the bank is concerned that bitcoin is often associated with illegal activities and laundering of criminal proceeds.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   180

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.