HSBC has reportedly changed its policy regarding cryptocurrency. The bank now prohibits customers from buying the stock of public companies that hold bitcoin, like Microstrategy. All of the companies with bitcoin treasuries could be on the chopping block at HSBC.
HSBC Now Bars Clients From Buying Crypto and Crypto-Related Stocks Like Microstrategy
British bank HSBC has reportedly become more strict with its crypto policy. The bank now prohibits its customers from buying the stock of public companies that are holding bitcoin in its treasury.
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:
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.
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.”
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.
HSBC’s notice continues:
While we will permit the holdings of MSTR-US to be held and/or sold/ transfer-out in your HSBC Invest Direct account, new purchases or transfers-in will not be allowed.
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