Buying MicroStrategy stock (MSTR) is reportedly not imaginable for HSBC consumers at the financial institution’s on-line buying and selling platform — HSBC InvestDirect, or HIDC.

According to a meant message from the financial institution to its consumers, HSBC has directed customers that already personal MicroStrategy stock now not to shop for further stocks.

Twitter consumer Camiam claimed to have gained this type of message from the banking large on March 29:

Hey @michael_saylor , you might need to ask your felony staff if what @HSBC_CA is doing here’s felony. It positive does now not sound love it is! They wont permit us to shop for @MicroStrategy . They perhaps bare quick…

— Camiam⚡️☣️ (@Camadamus) April 8, 2021

The MSTR blacklisting seems to be a part of the financial institution’s amended consumer coverage prohibiting customers from interacting with cryptocurrencies with an excerpt from the message studying:

“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 conversation, MicroStrategy is a digital forex product therefore the explanation for the blacklisting.

MicroStrategy, a industry intelligence and tool company, has pioneered Bitcoin (BTC) adoption amongst publicly-listed corporations in the United States.

Since first including Bitcoin to its stability sheet again in August 2020, the Fortune 500 corporate now holds over 90,000 BTC recently valued at about $5.26 billion.

The blacklisting MSTR is best the newest in HSBC’s fresh anti-crypto strikes. Earlier in the yr, the sector’s sixth-largest financial institution additionally reportedly blocked consumers from shifting income from crypto exchanges to their financial institution accounts.

Despite banning customers from purchasing MicroStrategy stock, reviews of equivalent prohibitions are but to emerge for different corporations with Bitcoin funding pursuits.

Indeed, corporations with vital Bitcoin investments like Tesla, Hut 8 Mining, and Square to say a couple of are nonetheless indexed at the HIDC buying and selling catalog.

HSBC turns into the newest financial institution to react negatively to MicroStrategy’s Bitcoin involvement. Back in December 2020, Citibank downgraded MSTR over the corporate’s “disproportionate” focal point at the biggest cryptocurrency through marketplace capitalization.

MicroStrategy’s Bitcoin funding to begin with appear to cause a favorable run for the corporate’s stock worth attaining a 21-year top above $1,200 again in early February. MSTR has since struggled and is now virtually 50% down from its 2021 height.

Neither HSBC nor MicroStrategy straight away responded to Cointelegraph’s request for feedback.


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