HSBC Now Bars Clients From Buying Crypto and Crypto-Related Stocks Like Microstrategy
An HSBC customer has shared a message he said he received from the bank, informing him of a policy change regarding cryptocurrencies, naming bitcoin and ethereum as examples. The bank’s new policy applies to “products related or referencing the performance of virtual currencies.” The notice reads:
The notice singles out one stock in particular. “Our records show that your HSBC Invest Direct account is holding Microstrategy Inc-A — MSTR-US, a virtual currency product.”[size=30][size=30]HIDC [HSBC Invest Direct] will not participate in facilitating (buy and/or exchange) product related to virtual currencies, or products related or referencing to the performance of virtual currency.[/size][/size]
While Microstrategy does not offer any crypto services, it has been heavily buying BTC since October last year. The company has amassed almost 100K BTC and has made acquiring the cryptocurrency one of its primary goals.