International banking firm Credit Suisse held tens of millions of dollars in “digital assets” for its clients in the second quarter of the year, according to documents shared with regulators.
According to Disclosed Documents, Credit Suisse Holds $32 Million in Digital Assets
The Swiss megabank recently reported that it has assets and liabilities of CHF 31 million (roughly $32 million), cryptically describing it as “digital asset protection assets.”
The bank had not reported holding these assets in the previous two quarters. The application did not include an explanation of what “digital assets” were.
The aforementioned “SAB 121” guide directs firms that hold “crypto assets” for their customers to report them on the balance sheet as both assets and liabilities. editors, cryptocurrency They released this guide in March to highlight “significant risks” in storage.
Credit Suisse stated in its annual report that it now follows this accounting guideline.
Still, Credit Suisse seems to have overlooked the SEC guide’s call for “clear disclosure of the nature” of crypto assets.
It is confusing that the bank does not say what digital assets are.
Credit Suisse declined to comment.
Major banks such as Citigroup, BNY Mellon, Goldman Sachs, and State Street have all laid the groundwork for accounting disclosure for their own crypto custody plans, perhaps by referring to SAB 121 in their latest quarterly financial reports. However, none of them had any crypto assets to announce in the second quarter.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!