A well-known bank in Belarus will begin offering a bitcoin contract for difference (CFD) product through its platform, a joint project with a Swiss bank. Meanwhile, Belarus is growing less crypto friendly, reportedly amending its decree to impose strict KYC rules.
New Bitcoin CFD Product
Mtbankfx is an accredited FX dealer and the first banking forex platform in Belarus. Launched in July 2016, it is a joint project between Minsk Transit Bank (Mtbank), one of the most well-known banks in Belarus, and Swiss Dukascopy Bank SA.
The platform will start offering a bitcoin CFD product next week, according to local media. It has already added information and updated its terms of service to reflect this new offering.
Mtbankfx explains in its terms of service that its tools, including the BTC/USD tool with 1:3 leverage, are “available for transactions around the clock – from the opening of the market on Sundays at 21:00 GMT in the summer (22:00 GMT in the winter) until the market closes on Fridays at 20:00 GMT in summer/winter time.” For the bitcoin CFD specifically, the company wrote:
All open positions as of 20:00 GMT Fridays will be forcibly closed.
While the platform offers CFDs for many underlying assets, the bitcoin CFD is the only one that will be forcibly closed.
On March 29, Switzerland’s Dukascopy Bank SA launched its own BTC/USD CFD product for European clients. “Bitcoin to US Dollar (BTC/USD) with leverage 1:3 has been added for live trading,” the company stated…