PRA chief sends ‘Dear CEO’ letter on crypto

Regulator warns of financial and reputational risks that exposure to such assets could have on their firm

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Potential pitfalls: to avoid undue risk, the decision to be exposed to crypto should be taken at the highest level of a firm

In a letter sent to the chief executives of banks and investment firms, the Prudential Regulation Authority reminds them of the potential risks and pitfalls of cryptocurrencies.

In his ‘Dear CEO’ letter, Sam Woods, deputy governor and chief executive of the PRA, warns financial firms with exposure or planned exposure to cryptocurrencies that these types of assets are susceptible to being manipulated and used to finance illicit activities – and, as such, they could place their firm’s reputation

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