Standard Chartered’s crypto trading stays inside the bank

Standard Chartered has begun offering Bitcoin and Ether trading through existing bank accounts to Professional Investor clients in the UAE. Customers do not need a separate wallet, and the bank says it will handle custody and settlement within a closed loop system. The convenience has a defined boundary: the announcement explains how customers can buy and sell inside the bank but does not specify whether they can withdraw coins to a wallet they control. Summary Standard Chartered launched BTC and ETH trading for UAE Professional Investor clients on October 14. Eligible customers buy and sell through existing bank accounts rather than a separate exchange wallet. The bank describes custody, execution and settlement as a closed loop process involving Zodia Markets. Dubai’s Virtual Assets Regulatory Authority approved the initial offering, according to the bank. The release does not state whether clients can withdraw purchased coins to external self custody wallets. The bank’s October 14 announcement calls the service a first for its global wealth business and says it will initially serve Professional Investor clients in the UAE. Its Wealth and Retail Banking and Corporate and Investme...