Millennium Memo Allows Workers to Record Personal Encryption Transactions Completely

Millennium Management has sent a notice to staff advising them to disclose any close to home trading digital forms of money to the monster consistency group of speculative stock market investments. Mutual fund managers sent the notice to workers at the end of September, as reported by two people with information on the matter. While one person said they thought the notice was another change in strategy, the other said the asset expects staff to discover such possessions in the previous three years and that the September memo was intended as a suggestion to representatives to warn groups of consistency of individual ownership. in digital currencies.

The note comes as major banks and financial firms take action to tap the growing interest in crypto, and professional traders look to have a go at playing wild swings in assets such as bitcoin, ethereum and dogecoin.

The second person said company policy was for staff to disclose all personal assets except for specific “transcripts” such as bank accounts.

Governments are also taking notice of the sector; the Biden administration is considering an executive order on crypto oversight, Bloomberg reported, which would include financial regulation.

A stock trader at a boutique firm in London, who once worked at major Wall Street banks, said: “Some don’t allow it at all. Generally, if we don’t cover it and get approval for compliance, then you’re fine. “

Millennium, led by Israel Englander, is among hedge funds cramming into cryptocurrency trusts, futures and ETFs, and hiring staff to expand its crypto operations, CoinDesk reported in May. But although policies vary from company to company, many hedge fund managers are not allowed to personally buy and sell stocks held by their fund, traders told FN.

It created an opening. As most banks don’t physically trade crypto currently, anyone who wants to take a stake in bitcoin, ether, dogecoin, or any other cryptoasset can bypass official policies by cramming their personal account – or their PA in industry parlance.

“From a regulatory standpoint, the company just needs to have a way to deal with the conflict of interest between itself, its customers and its staff,” a senior compliance executive, whose career includes visits to banks and fund managers in London. May. Most companies will also have a minimum 30-day holding period, they added, “ensuring that people focus on their day-to-day work rather than their personal accounts.”

With crypto, “there probably aren’t that many conflicts of interest.” “I have never owned an AP because I would be fired,” a London-based stock trader told FN in May. “But I am invested in more than 10 cryptos because they are not even mentioned. The banks don’t want to know anything. My compliance officer literally said, “Please don’t talk to me about cryptos. I’d rather not know that. ‘”

The days of being in the dark may be coming to an end. The London trader also said: “My team has bet on when compliance will eventually try to add it to our PA policies. “

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  • Millennium Memo Allows Workers to Record Personal Encryption Transactions Completely
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