HSBC’s Canadian division has tightened its cryptocurrency policy. The bank now prohibits clients from buying shares of public companies that own bitcoin on HSBC Invest Direct accounts.
HSBC Canada Client shared a message that I received from the bank with information about a change in policy regarding cryptocurrencies. The bank’s new policy applies to “products related to the dynamics of cryptocurrencies.” According to the notice:
«HIDC [HSBC Invest Direct] will not support (purchase and / or exchange) products related to cryptocurrencies or the dynamics of cryptocurrencies. ”
The notice to the client mentions the specific shares that he owns. “According to our records, your account with HSBC Invest Direct contains Microstrategy Inc-A – MSTR-US, a virtual currency related product.” Although Microstrategy does not offer any cryptocurrency services, it has been actively buying BTC since last October. The company owns almost 100,000 BTC and has made the acquisition of cryptocurrency one of its main goals. According to the HSBC notice:
“While we allow the storage and / or sale / transfer of MSTR-US holdings in your HSBC Invest Direct account, new purchases or transfers are prohibited.”
The bank does not specify in the notice how much BTC the company must have in order for its shares to be banned. Microstrategy has established a policy of keeping 100% of its reserves in BTC. HSBC customer notified appealed on Twitter to Microstrategy CEO Michael Saylor:
“You can ask your lawyers if what HSBC Canada is doing is legal. Looks like no. They don’t let us buy Microstrategy shares. ” Referring to all companies investing in BTC, he further expressed his opinion: “All of these companies could be in danger because they own BTC. This is the opposite of the “free market”.
Recall that Tesla also bought BTC for $ 1.5 billion, and Jack Dorsey’s Square company acquired 4,709 BTC for $ 50 million in October 2020. In January, it was reported that HSBC bank was also preventing the cashing of the income of BTC holders.
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