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Flow Traders NV despite of several warnings from Dutch enter crypto market

Flow Traders NV despite of several warnings from Dutch enter crypto market

July 6, 2018 7:26 am,

Flow Traders NV a company in Amsterdam has entered the crypto market despite the continuous warnings of the Dutch Authority for the Financial Markets (AFM) not to buy and sell digital currencies, Bloomberg a financial, data and media company reported on July 5.

Flow Traders NV is the largest trader of exchange-traded funds in Europe. It reportedly the first firm to buy and sell exchange-traded notes based on Bitcoin (BTC) and Ethereum (ETH). Bloomberg a financial, data and media company according to him such traded notes could make more appeal of crypto by making it easy and cheap to invest. Flow Traders NV Chief Executive Officer Dennis Dijkstra said that cryptocurrencies are underestimated by adding this he also said, “It’s big, and it is to be changed very soon. The market participants are a way to professional than people think. Institutional investors are interested we come to know because we get frequent requests from them.”

The Authority for the Financial Markets (AFM) did not share speed trader Flow Traders NV’s enthusiasm, but while the Authority for the Financial Markets can make public warnings and recommendations, there is little they can do to prohibit any company from trading regulated securities on a regulated exchange. The spokeswoman for the AFM, Nienke Torensma, said as stating, “We discourage activities in crypto both by consumers and professional license holders. The virtue of its anonymity and the newness it potentially offers, it is very easy to abuse. Despite its inability to serve the promised purpose as a currency, we don’t regard it to be an asset class.”

Dennis Dijkstra the co-chief executive officer said that the company was moving forward its trades of crypto notes with futures contracts managed by CME Group Inc. and Cboe Global Markets Inc. Dijkstra claimed that the new approach has “huge spillover benefits” for Flow Traders NV’s developing foreign-exchange trading business. Bloomberg a financial company according to him in the first quarter of this year Flow Traders NV traded €244 billion ($284 billion) of exchange-traded funds (ETFs) globally, including €143 billion ($167 billion) in Europe, making the company the largest trader of the securities in the region.