Barclays CEO Pushes Back Against Crypto Trading Desk Reports

The CEO of U.K.'s banking giant Barclays has shot down the rumor that the bank is planning to launch its own cryptocurrency trading desk.

AccessTimeIconMay 2, 2018 at 6:00 a.m. UTC
Updated Sep 13, 2021 at 7:53 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The CEO of Barclays says the U.K. banking giant has no immediate plans to launch a crypto trading desk.

According to a report from the U.K media outlet Financial News on Tuesday, Barclays CEO Jes Stately made the comments in response to shareholders' questions during the bank's annual meeting. There, Staley said the bank has no plan to set up a crypto trading desk amid recent rumors about its possible move into the market, saying that cryptocurrency represents "a real challenge for us" at present.

The news follows reports from earlier this month that indicated Barclays was gauging interest from its clients regarding launching a crypto-specific trading service.

While a spokesperson at the time had already stated that the bank might not move ahead with the launch, Staley's remarks signal that the bank has formally ruled out the possibility – at least not for now.

That said, Staley admitted that the bank is exploring crypto-related businesses with those regulatory issues in mind.

As reported recently, by setting up an series of standards, the U.K.-based bank has perhaps become one of the biggest supporters for making blockchain a reality in the derivatives space.

Barclays image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.