HSBC chief executive Noel Quinn told Reuters in an interview that the UK’s largest bank does not intend to launch a cryptocurrency trading desk or offer them to clients as an investment vehicle.<\/p>\n
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\n\u201cGiven the volatility, we do not view Bitcoin as an asset class. If our clients want to trade cryptocurrencies, they will. But we do not promote it as an asset class within our asset-management business,\u201d Quinn said.<\/p>\n<\/blockquote>\n
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The HSBC chief executive also noted the difficulties of converting cryptocurrencies into fiat and criticised stablecoins for issues with collateral and availability.<\/p>\n
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In January, The Sunday Times reported the blocking of transfers related to cryptocurrency exchanges<\/a> by HSBC.<\/p>\n
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In April, clients of the UK’s largest bank complained<\/a> about a ban on buying MicroStrategy shares. HSBC confirmed<\/a> the information.<\/p>\n
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In May, JPMorgan CEO Jamie Dimon admitted clients’ interest in Bitcoin<\/a>. In April he called for tighter regulation of cryptocurrencies<\/a>.<\/p>\n
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On May 22, economist Alex Kruger published screenshots of allegedly a new Goldman Sachs report in which the investment bank’s experts acknowledged cryptocurrencies as an asset class<\/a>.<\/p>\n
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