• About Us
  • Privacy Policy
  • Contact Us
CryptoInfonet
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation
No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation
No Result
View All Result
CryptoInfonet
No Result
View All Result
Home Regulation

HSBC reportedly bans customers from trading this Bitcoin-linked stock

April 9, 2021
in Regulation
0
Cardano teases smart contracts with business use cases, DeFi also coming
Discover This New Unique Trading Pattern This Powerful Tool Spots Over And Over Again With Precision Accuracy. You Could Double Or Triple Your Account This Year With These Signals!
Click here
to sign up


Secure your wealth: Invest in a Crypto Index Fund

UK-based Hongkong and Shanghai Banking Corporation (HSBC), one of the world’s biggest banks by assets under management, has reportedly banned customers from trading the stock of business analytics firm MicroStrategy due to its links to Bitcoin, as per a leaked email circulating on social media.

HSBC FUD

HSBC’s new “policies” on virtual currencies say that clients won’t be allowed to trade stocks that mimic the price movements of those assets. 

“HIDC (HSBC InvestDirect) will not participate in facilitating (buy and/or exchange) products related to virtual currencies, or products related to or referencing to the performance of virtual currency,” a leaked screenshot of the email read.

It added, “ Records show your (HDIC) is holding MICROSTRATEGY INC-A — MSTR-US, a virtual currency product…new purchases or transfers-in will not be allowed.”

HSBC Bank preventing their customers from holding an equity because it has Bitcoin on it’s balance sheet!

Scared much @HSBC? You look pathetic. https://t.co/euOmteqUvt

— Preston Pysh (@PrestonPysh) April 8, 2021

The bank has, in recent times, come down hard on cryptocurrencies and their usage, with one such announcement from January stating it would no longer cater to clients engaging with crypto exchanges in the UK.

The Bitcoin-Equity game

MicroStrategy has accumulated over 90,000 Bitcoin in the past year, with CEO Michael Saylor intent on purchasing even more Bitcoin each week. This has led to an increase in the stock prices of MicroStrategy, leading to some even referring to it as a pseudo-Bitcoin ETF.

As the below image shows, MSTR has risen from under $142 in August 2020 (when it announced its first purchase) to over $1,100 in February 2021—a near ‘10x trade.’ Bitcoin, on the other hand, went from under $10,000 to over $61,000 in the same period—displaying a trade with remarkable similarity.

download 2
Image: TradingView.

Similar price movements have been seen in publicly listed companies with either hold or operate in Bitcoin-related fields. The stock of Riot Blockchain (NYE: RIOT), for example, rose from a tiny $0.64 in March 2020 to over $77 in February 2021—a mammoth 11931.25% increase.

Meanwhile, the HSBC email is ironic considering the bank’s ties with an $880 million money laundering case in 2019.

The FinCEN Files probe revealed that HSBC aided a massive Ponzi scheme *while on probation* for laundering almost $1B for the Sinaloa cartel and other Mexican drug gangs.

But allowing their customers to own a Bitcoin-related equity?

Too risky.https://t.co/RjcZAWemk1 https://t.co/P49keUjrkA

— Alex Gladstein (@gladstein) April 9, 2021

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: Bitcoin, Regulation
Secure your wealth: Invest in a Crypto Index Fund

Like what you see? Subscribe for updates.



Forex Trading can be risky, to cut the risk. Sign up to FX Delta for consistent results. The Best Forex trading signals for an average of 8% gains. Click here to sign up.



Source link

Tags: BansBitcoinlinkedCustomersHSBCreportedlyStockTrading
Share76Tweet47

Related Posts

Sergey Nazarov talks Chainlink 2.0 and ‘hybrid’ smart contracts at BlockDown

Former SEC Director who led Ripple action lands new role at Ethereum law firm

by CryptoInfoNet
April 17, 2021
0

According to news outlet Bloomberg, Marc Berger, who stepped down from his role at the US Securities and Exchange...

Native Bitcoin trading is coming to ShapeShift via THORChain (RUNE)

Macau’s high-rolling casino industry faces a digital currency threat

by CryptoInfoNet
April 15, 2021
0

The island-nation of Macau is inching closer to the launch of its state-backed digital currency as it looks to...

Kyber Network (KNC) launches new market maker protocol with high capital efficiency

Could civil war in Ethiopia affect Cardano’s Africa plans?

by CryptoInfoNet
April 8, 2021
0

Cardano’s strategy in Africa could face a setback following the intensification of civil war in Ethiopia. There’s even wide...

Kyber Network (KNC) launches new market maker protocol with high capital efficiency

Why did South Korea just say ‘no’ to a Bitcoin ETF listing on its stock exchange?

by CryptoInfoNet
April 8, 2021
0

Why did South Korea just say 'no' to a Bitcoin ETF listing on its stock exchange? Earn up to...

Kyber Network (KNC) launches new market maker protocol with high capital efficiency

Argentina’s central bank is asking citizens to disclose their Bitcoin

by CryptoInfoNet
April 6, 2021
0

The Central Bank of Argentina is asking local banks to scrutinize clients that hold Bitcoin and other cryptocurrencies and...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • About Us
  • Privacy Policy
  • Contact Us

© 2021 cryptoinfonet.com

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Regulation

© 2020 cryptoinfonet.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version