Which banks explored crypto trading?

TLDR

Banks exploring crypto trading this week include JPMorgan (considering spot and derivatives for institutions), Standard Chartered (live spot BTC and ETH for institutions), and Morgan Stanley plus Goldman Sachs (planning and derivatives desk respectively).

1. JPMorgan is assessing institutional crypto trading services per a Reuters report.
2. Standard Chartered offers spot Bitcoin and Ether trading for institutions, noted by The Block via TradingView.
3. Morgan Stanley plans E*Trade crypto in 2026, while Goldman Sachs runs a derivatives desk, per Reuters and Axios.

Deep Dive

1. JPMorgans Exploration

JPMorgan is evaluating spot and derivatives crypto trading for institutional clients, contingent on demand and regulatory feasibility, as reported by Reuters.

• The effort is described as early-stage and focused on institutions rather than retail per Yahoo Finance.
• Broader context: recent OCC guidance allows banks to broker riskless principal crypto trades, lowering barriers to entry, per CoinDesk.

2. Standard Chartereds Spot Trading

Standard Chartered already launched spot Bitcoin and Ether trading for institutional clients earlier this year, signaling practical execution beyond pilots, noted by The Block via TradingView.

• This places a major bank directly in the spot market, complementing custody and tokenization offerings.
• It also sets a precedent peers can point to when evaluating risk and supervisory expectations.

3. Peers: Morgan Stanley and Goldman Sachs

Morgan Stanley is preparing to enable crypto trading via E*Trade in the first half of 2026, per Reuters. Goldman Sachs already operates a crypto derivatives desk, per Axios.

• These moves reflect a pivot from blockchain-only pilots to market-facing services aligned with client demand.
• Early focus remains on liquid assets (Bitcoin, Ether) and regulated structures to minimize operational risk, consistent with OCC guidance.

Conclusion

The trend is clear: major banks are moving from experimentation to execution in crypto trading, anchored by regulatory clarity and institutional demand. Near term, bank services will likely focus on BTC/ETH and brokered execution, improving liquidity and spreads while raising compliance and custody standards.