According to HSBC investDirect, it is no longer feasible for HSBC customers to buy Microstrategy stock.
Users of HSBC online banking platform has been directed not the buy Microstrategy shares and those that already have, have been advised not to buy additional ones.
The bank, HSBC amended the policies of its users, in which they were advised not to be interact with cryptocurrencies and that is their reason for blacklisting Microstategy.
The message read in part:
“HIDC will not participate in facilitating (buy and/or exchange) product relating to virtual currencies, or products related to or referencing to the performance of virtual currency.”
According to the alleged HSBC communique, MicroStrategy is a virtual currency product, hence the reason for the blacklisting.
MicroStrategy, a business intelligence and software firm, has pioneered Bitcoin (BTC) adoption among publicly listed companies in the United States.
Since first adding Bitcoin to its balance sheet back in August 2020, the Fortune 500 Company now holds over 90,000 BTC, currently valued at about $5.26 billion.
The blacklisting of MSTR is only the latest in HSBC’s recent anti-crypto moves. Earlier in the year, the world’s sixth-largest bank also reportedly blocked customers from moving profits from crypto exchanges to their bank accounts.
Despite banning users from buying MicroStrategy stock, reports of similar prohibitions have yet to emerge for other companies with Bitcoin investment interests.