Crypto-Asset Regulation · glossary
A client's euro in Halcyon's hands, which still belongs to the client. It must reach a bank by the end of the next business day, in an account held for clients and apart from Halcyon's own money. Halcyon may never use it for itself. Binder §4.3 · Chapter 5
Explained in Chapter 5, Custody, Client Money and the Stablecoin Question, of Crypto-Asset Regulation.
The second pool is money. When a client pays €1,000 into the app, the euro reaches Halcyon before any coin is bought. That euro is client funds: a client's money in Halcyon's hands, and still the client's. A firm that keeps other people's money in its own account may one day pay its salaries from it.Read Chapter 5, Custody, Client Money and the Stablecoin Question →
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