HSBC has banned clients of its online stock trading platform InvestDirect from purchasing MicroStrategy shares or transferring them to their accounts, a message showed. I read Labeled by Reuters, describing it as a virtual currency product.
She said the message Addressed to an HSBC InvestDirect customer: The bank will not facilitate the purchase or exchange of products related to or indicative of the performance of virtual currencies.
The US business software company (Michael Saylor) is led by Michael Saylor, a supporter of Bitcoin and owns billions of dollars in Bitcoin.
While HSBC permits the acquisition, sale and transfer of MicroStrategy shares, it prohibits new purchases or incoming transfers, as stated in the letter dated March 29th.
“HSBC has no desire for direct exposure to virtual currencies and has a limited desire to facilitate products or securities that derive value from virtual currencies,” HSBC said in a statement.
HSBC InvestDirect is available to customers in countries such as Canada and the UK.
The bank said: Its policy towards cryptocurrencies has been in place since 2018 and is still under review, and it did not immediately specify which countries the ban applies to.
The move comes amid a growing embrace of cryptocurrencies from major financial firms, companies and investors who are seeking a return in a world of extremely low interest rates.
Goldman Sachs Group said last month: It is offering investments in Bitcoin and other digital assets to its clients in wealth management, and Morgan Stanley has also started offering investments to clients in the emerging asset class.
MicroStrategy, along with Tesla and payments company Square, has become one of several US publicly-listed companies to buy large amounts of Bitcoin for its vault.
MicroStrategy said last week: It owns about 91,579 bitcoins, and its holdings amount to about $ 5.5 billion, equivalent to about 80 percent of its market value of $ 6.8 billion.
In a related development, MicroStrategy said: Its non-employee managers are getting paid for their services in Bitcoin, instead of cash.
MicroStrategy said: The board members ’fees are transferred from the US dollar to Bitcoin by the payment processor at the time of payment.