US multinational investment bank Cowen, has announced that it is ending its involvement in crypto-assets due to changes in laws and regulations.
Cowen Digital's cryptocurrency unit had been operating for just one year and provided investors with access to 16 digital currencies. The bank refrained from disclosing the actual reasons for the abrupt closure of the unit.
However, after TD Bank Group bought Cowen Bank in March for $1.3 billion, the new owners did not like the fact that the cryptocurrency unit became part of the company's financial structure.
Cowen Digital's abrupt closure could be the result of complications faced by Silvergate and Signature Bank, as well as the aggravation of regulatory issues surrounding digital assets in US banking.
Earlier, Temasek, Asia's largest state-funded investment firm, said that those analysts who had offered to invest in digital currency exchange FTX would not receive a premium as the platform collapsed.
