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Banking group Nordea bans its 31,000 employees from investing in Bitcoin

STOCKHOLM: Nordea has forbidden all its roughly 31,000 employees from trading in cryptocurrencies such as bitcoin due to high risks, it said on Monday. The Nordic region’s biggest bank said the ban will be imposed from Feb. 28. “The risks are seen as too high and the protection is insufficient for both the co-workers and the bank,” a Nordea spokeswoman told a UK-based wire service in an e-mail, adding that employees who currently own cryptocurrencies will not be forced to sell them, although recommended to do so.…

Bitcoin trading starts on exchange giant CME

NEW YORK: Bitcoin futures received a lukewarm reception at its launch on the CME Group Inc on Sunday, although market experts believe a recent rally in the cryptocurrency has further to go. The CME bitcoin front-month futures contract did open higher at $20,650, but dropped 6 percent within the first half hour. The contract was last at $18,805, below the $19,500 reference price set by the exchange for the January contract. The reference price, from which price limits are set, is $19,600 for the February contract,…

Bitcoin futures launch sparks excitement, warnings

NEW YORK: Bitcoin will make its debut on a major exchange Sunday, a landmark for the cryptocurrency that has generated enthusiasm among some investors and more than a little anxiety from others. The Cboe Futures Exchange in Chicago will open trading in bitcoin futures at 2300 GMT on Sunday, a move that is expected to be followed a week later by a rival listing on Chicago Mercantile Exchange. "Bitcoin bonanza takes hold of world markets," proclaimed the front page of the Times of London on Friday, reporting on the…

Bitcoin blasts to new all-time high of $6,450

LONDON: Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world’s largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. He said it would provide a regulated trading venue for the cryptocurrency market and would launch the new derivatives in the fourth quarter of 2017. Bitcoin has had a bumper year with a more than sixfold increase in price, and has more than doubled in price since…

Bitcoin trades above $5,000 for first time ever

LONDON: Bitcoin smashed through the $5,000 barrier for the first time ever on Thursday, jumping as much as 7 percent to chalk up its biggest daily rise in over two weeks. Bitcoin, the original and still the biggest cryptocurrency, has been on a tear recently, rallying nearly 75 percent in barely a month. It has chalked up a more than fivefold increase in price since the start of the year. What is Bitcoin? Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or…

US accuses Chinese citizens of hacking law firms, insider trading

NEW YORK: Three Chinese citizens have been criminally charged in the United States with trading on confidential corporate information obtained by hacking into networks and servers of law firms working on mergers, US prosecutors said on Tuesday. Iat Hong of Macau, Bo Zheng of Changsha, China, and Chin Hung of Macau were charged in an indictment filed in Manhattan federal court with conspiracy, insider trading, wire fraud and computer intrusion. Prosecutors said the men made more than $4 million by placing trades in at…