Another Deutsche Bank Senior Leaves for Cryptocurrency

Yasuo Matsuda, a former Deutsche Bank AG employee, left the bank for a position as a senior cryptocurrency strategist in FXcoin.

The founder of Fxcoin, Tomoo Onishi, had been the Managing Director of the Deutsche Bank AG for over 13 years before he decided to switch over to the crypto exchange industry in 2017. As he left for his new business, other employees have followed him to FXcoin- some of his followers where employees in the Deutsche Bank, others were former HSBC employees, Nomura employees, and Mitsubishi UFJ Financial employees of different levels.

FSA Decision

The FSA is yet to approve FXcoin as a legal cryptocurrency exchange. The good news is that the FSA, unlike many other regulatory bodies, do have a policy and specific terms that they base their decisions upon when it comes to certifying cryptocurrency-related firms.

However, after the Coincheck hack that cost the company over $500 million worth of losses in January, the FSA is not likely to certify other exchanges easily. The FSA has tightened their measures of assessing new exchanges since then.

In the meantime, the FXcoin website does not offer any trading services, but rather a blog-website that provides analysis and infographics for the cryptocurrency market. The content will be written and published by Oonishi himself, as well as the chief of income research and FX chief at the Deutsche Bank, Daisuke Tanaka.

2 years ago

Start Weekly Digest

Similar news