The largest bank in the United Kingdom, HSBC, has confirmed a ban on the purchase of MicroStrategy’s stock, the provider of analytics software. The restrictions apply to clients of the HSBC InvestDirect platform, The Block reports.
Earlier, a Twitter user reported that the bank notified him of a change in policy regarding “virtual currencies like Bitcoin and Ethereum and other digital assets”.
An HSBC spokesperson told the publication that the message was sent to clients in Canada, but did not specify all jurisdictions affected by the restrictions. According to him, the financial conglomerate ‘has no desire to invest directly in virtual currencies’ and limited interest in financial products related to such assets.
According to Bitcoin Treasuries, MicroStrategy owns 91,579 BTC worth $5.74 billion. HSBC’s policy regarding other public companies holding bitcoin on their balance sheets, as well as mining firms listed on the stock market, remains unclear.
In January 2021, information about blocking HSBC transactions related to cryptocurrency exchanges emerged.
In April, MicroStrategy’s board approved the policy for paying compensation in Bitcoin.
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