Swiss banking giant UBS and financial corporation Citigroup announced the opening of limited client access to trading exchange-traded funds for the first cryptocurrency.
UBS and Citigroup clients will be able to trade shares of newly approved Bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission (SEC) subject to certain conditions.. Companies are introducing restrictions on transactions with Bitcoin ETFs for clients with accounts that demonstrate “low risk tolerance in terms of fulfillment of obligations and servicing of assets.”.
Fox reporter Eleanor Terrett, relying on sources familiar with the situation, clarifies that a large investment bank Merrill Lynch may soon join the ranks of UBS and Citi. Now Merrill management has taken a wait-and-see approach to evaluate in practice how effectively Bitcoin ETFs are traded.
The decision by UBS and Citigroup denied rumors circulating in the crypto community that global leaders in the credit and financial industry may support the opinion of investment giant Vanguard and deny their clients access to Bitcoin ETFs.
Vanguard, the second-largest asset manager after BlackRock, explained that it was blocking its clients from buying shares of new spot Bitcoin ETFs by saying that these digital products are “not consistent with Vanguard’s investment philosophy.”.