British international banking and financial services provider HSBC informed the customers about the change of its policy concerning virtual currencies and relevant products.
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Therefore, MicroStrategy is viewed as one of them and is banned on the institution's online trading platform — HSBC InvestDirect (HIDC).One of the clients having received an email published it on his Twitter account. In the message, the company stated it won't provide operations of virtual currency-related products.
Hey @michael_saylor , you may want to ask your legal team if what @HSBC_CA is doing here is legal. It sure does not sound like it is! They wont allow us to buy @MicroStrategy . They maybe naked short... pic.twitter.com/GWSpt5t9eH
— Camiam⚡️☣️ (@Camadamus) April 8, 2021
Although HSBC blocked MicroStrategy stock, other BTC investing firms like Tesla, Square, and others are still listed on the HIDC catalog.
It's not the first time HSBC acts against the crypto industry. This January the establishment blocked cryptocurrency transfers from crypto exchanges to their bank accounts. New-York based Citibank also showed a negative attitude towards the business analytics, downgrading the company in December 2020 and criticizing its focus on Bitcoin.