Tech company MicroStrategy, which has not fallen off the agenda with Bitcoin purchases, has been blacklisted by HSBC, classified as a “virtual currency product.”
When investors using HSBC's stock-buying platforms wanted to buy MicroStrategy's shares, they encountered a note issued by the bank.
Investors who shared the incident on Twitter said HSBC had not allowed MicroStrategy to buy its shares.
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
The warning note, shared on social media, cited a “virtual currency product” as the reason for the blocking of MicroStrategy trading.
The technology company, with which we often share Bitcoin purchases recently, is identified with Bitcoin in the eyes of the investment world. Seeing this identification as a risk to investors, Citybank recently shared a note on this issue and signaled a sell-off for MicroStrategy.
HSBC's move also appears to be related to bitcoin purchases. Bitcoin, which threatens the future of the banking system, remains excluded by banks, but investors believe the move violates free market rules.
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