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May 31, 2024
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it's not illegal if they never find out!
Is there a way someone can find out or are crypto purchases anonymous?
Lmao. So you are fomoing in at the all time high without knowing the basics
woman moment
at a BB and no we don't need pre-clearance for that
i mean it's not possible to trade bitcoin on insider info and that's the whole point of compliance...
Yeah just like you don't need clearance to get other currencies
This isn't an accurate comment. Of course it is possible to trade crypto based on insider info... If Apple announced you could pay for an iPhone using bitcoin that would obviously be highly impactful to the price of BTC. If the whole GS SF office loaded up their personal wallets on BTC right before that announcement I'm sure compliance would be shitting the bed
well my BB's compliance team told me pre-clearance is not needed for BTC and that was their reasoning
Insider information implies something is regulated. Bitcoin isn’t regulated so his original statement is correct
Yup, though it didn't apply but just doing a quick check confirms that American insider trading law would indeed have a hold here.
One of the few instances where you could be charged with insider info given its centralized nature, interestingly enough.
I would check with your compliance department. Each firm likely has their own nuances
My firm's compliance policies specifically say that as long as you can't trade securities from the account, you dont need to register a crypto trading account. Similarly, Crypto is not a security and does not require pre-clearance to trade. However, they consider mining and staking to be outside business activities and do require pre-approval.
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We had a discussion around this within our group and cryptos are not included in our compliance guidelines.
Check your HR/compliance intranet and it should clearly state what is allowed and what isn't.
Excellent advice about trading.
It's very relevant and profitable now
It's all a formality.
I don't think you can have any problems because of that.
Yes
good question, I checked with our compliance team and cryptos are explicitly not on the list of investments they are monitoring. And I wasn't the first guy with this question either, they will issue a more formal document now because so many staff are approaching them with this.
Buy it and store it offline on a hardware wallet and nobody will ever know you had crypto.
JPM no clearance required on crypto
WallStreetOasis.com - wtf is happening here? Bots?
Yeah, they flood any thread about crypto
WallStreetOasis.com
I've worked at 2 BBs and both require disclosing mining as an outside business activity but not required to disclose trading itself.
Also have a cousin who works in PWM for the same BB and told me she isn't allowed to trade crypto at all, no idea if that's a PWM specific rule or if she's just being overly cautious and misinterpreted something.
That said every firm is different especially with you being in the UK so check your own employer's rules.
Can confirm can't trade in AM as well. I'm not at all surprised that PWM has the same rules. The rules revolve around a serious conflict of interest. If your cousin is looking at a particular coin, she can persuade HNW individuals to invest into the coin. Right before that, she would buy in and then immediately after the HNW individuals have bought sell out. At least in the case of PWM you have to convince clients that BTC is worth it. In AM you're already allowed to invest on their behalf, so no convincing is required.
I think not, since isn't the whole point is that it is decentralized?
Yes you can.
Normally you don't need compliance clearance for crypto, but you should check since different banks have different rules.
As someone mentioned above, the key consideration for trading restrictions is whether you'd be able to trade on MNPI, which could apply to most stocks but usually not crypto.
I applaud 'Recovercoin @ rescueteam . com' for their services, I was really impressed. I was able to recover my stolen BTC in no time, very clear and concise. they managed to get a very complex case through without any issues.
The only thing for which compliance approval is not required if bankers want to sleep with your mom, wife, and sister. Everything else needs to be unfortunately compliance approved
Have you gotten yourself involved in a cryptocurrency scam or any scam at all? If yes, know that you are not alone, there are lots of people in this same situation. I was once a victim of a cryptocurrency scam that cost me a lot of money. This happened a few weeks ago. There's only one solution which is to talk to the right people, if you don’t do this you will end up being really depressed. I was really devastated until I was referred to a recovery expert. Less than 2 weeks, he has already recovered 90% of my loss: (Backendrecover at Rescueteam dot com).
Yes, but it depends
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