Mike Novograts's cryptobank will stop working with small blockchain companies

In order to comply with regulatory requirements, the cryptocurrency trading bank Galaxy Digital Holdings Ltd., created by billionaire Mike Novograz, introduced a number of operational and organizational changes to its operations, Newswire reports.

In particular, the company intends to refuse to cooperate with small ICO projects and blockchain companies in favor of large institutional clients. In this regard, the bank will expand the staff in New York, but will close the office in Vancouver.

In addition, by the end of 2018, President of Galaxy Digital Richard Tavoso will move to the position of trusted adviser and member of the board of managers. One of the leaders of the trading direction, David Namdar, will leave the company, giving up his place to his colleague Peter Vishnevsky.

Recall, due to a significant drop in the rate of Bitcoin in the first quarter of 2018, unrealized losses of the Galaxy Digital LP amounted to $ 134 million .

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