Share this article
BTC
$84,935.59
+
0.41%ETH
$1,639.99
+
1.93%USDT
$0.9997
-
0.01%XRP
$2.1609
+
0.69%BNB
$589.77
-
0.39%SOL
$134.13
+
3.08%USDC
$1.0000
-
0.00%DOGE
$0.1675
+
1.42%TRX
$0.2560
+
3.73%ADA
$0.6517
+
1.25%LEO
$9.3705
+
0.51%LINK
$12.88
-
0.24%AVAX
$20.23
+
0.44%XLM
$0.2433
+
0.33%SUI
$2.2774
-
3.17%SHIB
$0.0₄1239
-
0.02%HBAR
$0.1704
-
1.38%TON
$2.8491
-
0.82%BCH
$351.98
+
4.65%LTC
$79.47
+
2.55%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
UBS Says Regulatory Crackdown Could Pop 'Bubble-Like Crypto Markets': Report
Though it was looking to offer crypto to wealthier clients in May, the bank is now warning clients to avoid it altogether.
Swiss financial giant UBS Group has raised concerns to its clients over the nature of the crypto markets and recent regulatory developments, Business Insider reported Monday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a note that circulated last week, UBS' global wealth management team said the latest bout with regulators in China had negatively impacted prices and operators.
"Regulators have demonstrated they can and will crack down on crypto," said UBS in its note. "We suggest investors stay clear and build their portfolio around less risky assets."
The denouncement from the bank runs contrary to prior reports UBS was in the early stages of exploring ways it could offer crypto to wealthier clients, though that was before China began its attacks against the crypto industry by ordering miners to close shop and banks to block bitcoin transactions.
Read more: China Crypto Crackdown: Calendar Offers Clue as to ‘Why Now?’
"We've long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets," said UBS.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
