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HSBC Reportedly Bans Trading with Bitcoin-linked Firm

On April 9, 2021, Twitter user Cameron Winklevoss tweeted a screenshot of a message from Hongkong and Shanghai Banking Corporation (HSBC), informing the recipients that they have changed the policy on cryptocurrencies.

The message heavily implied that customers are prohibited from trading the stock of MicroStrategy, a business analytics firm that is linked to Bitcoin.

The new policies on virtual currencies stated that trading of the stocks that mimic the price movements of those assets are not allowed.

The message added that it has detected a virtual currency product from MicroStrategy Inc in the recipient’s HIDC (HSBC InvestDirect) holdings, to which they said that it will not be permitted.

As of late, HSBC seems to be actively opposing everything crypto-related. On January 12, 2021, the bank made an announcement that it would cease its support of clients that deal with crypto exchanges in the UK.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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