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As the London Stock Exchange gears up to list its inaugural crypto exchange-traded products, about half of its exchange-traded fund team has reportedly left.
Just as the London Stock Exchange (LSE) prepares to list its first crypto-linked products, two members of its four-person team overseeing exchange-traded funds (ETFs) departed, Bloomberg reports, citing a spokesperson for LSE.
According to the report, Michael Stanley, the head of exchange-traded products, and Hetal Patel, head of business development, have left the organization, though the exact timing of their exits remains unclear.
The departures come as the LSE readies itself to list its first-ever crypto-linked products. A senior executive from a prospective crypto exchange-traded note (ETN) issuer, speaking on condition of anonymity, expressed concerns to Bloomberg about the impact of these departures on receiving crucial feedback from the LSE regarding technical matters related to applications.
The LSE is set to debut a series of exchange-traded notes (ETNs) linked to physically-backed Bitcoin (BTC) and Ethereum (ETH) on May 28, with approvals already obtained by issuers like WisdomTree, 21Shares, and Invesco.
Although Europe has had access to crypto ETNs for some time, previous UK regulations prohibiting retail access to crypto derivatives had prevented their listing in London. However, a shift occurred in March when the Financial Conduct Authority (FCA) updated its guidelines, paving the way for crypto ETPs on the LSE.
While spot Bitcoin and Ethereum ETFs have gained regulatory approval in the United States and Hong Kong, it’s yet to be seen how high the level of demand for these products will be in the United Kingdom.