According to the update, the British multinational investment bank and financial services holding company declared, “ Dear client, we’d like to inform you that HSBC has changed the policy on virtual currency (such as Bitcoin, Ethereum and other digital currencies) and products related to or referencing the performance of virtual currencies.”
It continued, “HIDC will not participate in facilitating (buy and/or exchange) products related to virtual currency or products referencing the performance of virtual currencies.”
By prohibiting all virtual currency-related products, clients can no longer transfer or make new purchases of MicroStrategy shares. However, the bank revealed that it still allows customers that hold MSTR-US in their HSBC InvestDirect account to continue holding and/or selling/transfer-out.
HSBC is one of the largest banks in Europe, having total assets of US$2.715 trillion as of August 2020. It was founded in 1991 in London by the Hong Kong and Shanghai Banking Corporation to act as a new group holding company.
The British bank has historically been unfriendly to Bitcoin as older reports suggested that it blocked transfers to crypto exchanges, therefore the bank’s latest policy on virtual currencies may not be too surprising.
— Jameson Lopp (@lopp) April 9, 2021
Meanwhile, business intelligence company MicroStrategy has not relented to its Bitcoin bullish run. Its last purchase of 253 BTC valued at $15 million, including other expenses brought the firm’s total bitcoin holdings to 91,579 BTC which were acquired at an aggregate price of $2.226 billion.