Standard Chartered opened BTC and ETH trading for UAE clients who keep at least AED 4 million at the bank. Each order still caps at $50,000.
The bank announced it on Oct 14. Eligible Professional Investors buy and sell through their existing Standard Chartered accounts. Custody and settlement stay inside the bank with Zodia Markets, under a Dubai VARA licence. No separate wallets. Crypto transfers in or out are blocked.
AED 4 million is about $1.09M. A $50,000 max order is 4.6% of that floor. Putting the whole relationship into crypto would take about 22 max-size tickets. Quoted prices can carry a spread of up to 2%, so a full-size fill can cost as much as $1,000 in spread with no separate fee line.
Bank rails for BTC and ETH. Ticket size stays exchange-small.
$BTC $ETH
#Bitcoin #Ethereum
NFA. DYOR.
The bank announced it on Oct 14. Eligible Professional Investors buy and sell through their existing Standard Chartered accounts. Custody and settlement stay inside the bank with Zodia Markets, under a Dubai VARA licence. No separate wallets. Crypto transfers in or out are blocked.
AED 4 million is about $1.09M. A $50,000 max order is 4.6% of that floor. Putting the whole relationship into crypto would take about 22 max-size tickets. Quoted prices can carry a spread of up to 2%, so a full-size fill can cost as much as $1,000 in spread with no separate fee line.
Bank rails for BTC and ETH. Ticket size stays exchange-small.
$BTC $ETH
#Bitcoin #Ethereum
NFA. DYOR.