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Goldman Sachs CEO denies company ever tried to create a dedicated cryptocurrency trading desk

Akash Anand

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Goldman Sachs CEO denies company ever tried to create a dedicated cryptocurrency trading desk
Source: Pixabay

The world of digital assets has had its fair share of ups and downs, with the intervention of the government as well as institutional players. Goldman Sachs, one of the largest banks in the United States, made a ripple in the cryptoverse after it was revealed that the organization was setting up its own cryptocurrency desk. However, emerging statements by the company’s officials suggest the contrary.

Goldman Sachs’ Chief Executive Officer, David Solomon stated that the company never had any plans to start a cryptocurrency desk, during a House of Representatives panel meeting. Solomon said,

“First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.”

The Bloomberg article in question was published in December 2017 and said that “people close to the strategy” believed Goldman Sachs would launch the trading desk in June 2018, something that never materialized due to delays and other clashes. The CEO further said,

“We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lot of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.”

Solomon’s statements came during the House of Representatives meeting on the issue of “Holding Megabanks Accountable: A Review of Global Systematically Important Banks 10 years after the Financial Crisis.” The meeting comprised of not just officials from Goldman Sachs, but also from the six other megabanks in the United States. The main aim of the meeting was for banks to state their stance on the current economic situation and brief the committee about plans to improve the credit and debit situation so that the world does not repeat the 2008 financial catastrophe.





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Is Binance 2.0 and margin trading really accessible for ‘everyone?’

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Binance 2.0 and margin trading is accessible for 'everyone' or Is it?
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Binance, one of the world’s largest exchanges, announced recently that Binance’s upgraded version, Binance 2.0, was available to everyone. CZ tweeted,

“While #bitcoin is on a tear on price, @Binance have rolled out Binance 2.0, with margin access to everyone. In bear and bull markets, we #BUIDL!”

The margin trading feature which was previously available for limited users has now been made available for everyone. Although CZ’s tweet says it is available to everyone, there is still a catch to this. It is not available for users in countries where crypto-jurisdictions are unclear. These include the U.S, Iran, North Korea, Syria, Cuba, Crimea, Canada, Japan, and South Korea.

CZ followed up the above tweet with another, talking about performance, a “key improvement” that comes with Binance 2.0. Previously, when trading volume rose, users would suffer from lags and other performance issues. However, the upgrade will solve each of these issues, said CZ.

“One of the key improvements in this upgrade that not easily visible is performance. During peak times, if you experience lag or other performance issues, be sure to try out 2.0. We will soon decommission the “1.0” version due to legacy performance bottlenecks.”

However, even after CZ’s announcement, margin trading is still not accessible to a few users. These users were greeted with a notification which said, “This feature is only available for invited users.” A lot of users have complained about the same, with CZ yet to put out a statement about the same.

Additionally, Binance has announced the start of BEP2, which is a community listing program where Binance lists one project every month for three months. This will extend from the 20th of a month and extend to the 20th of the next month. Any of the following coins, as seen in the tweet below, might be listed on Binance over the coming days.





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