Purchasing MicroStrategy stock (MSTR) is reportedly no longer possible for HSBC clients about the bank’s internet trading platform – HSBC InvestDirect, or HIDC.
In accordance with some supposed message from your bank to its customers, HSBC has directed users that already own MicroStrategy stock not to purchase extra shares.
Twitter user Camiam promised to have received such a message in the banking giant on March 29:
Hey @michael_saylor, you might choose to request your legal staff if what @HSBC_CA is doing here is lawful. It sure doesn’t sound like it is! They wont allow us to purchase @MicroStrategy. They possibly naked short… pic.twitter.com/GWSpt5t9eH
– Camiam⚡️☣️ (@Camadamus) April 8, 2021
The MSTR blacklisting Seems to be a part of their lender’s amended user policy forbidding consumers from interacting with cryptocurrencies with an excerpt from the message reading:
‘HIDC will not participate in easing (exchange or buy ) 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 digital money product hence the reason behind its blacklisting.
MicroStrategy, a business intelligence and applications company, has pioneered Bitcoin ( BTC) adoption one of publicly-listed companies in the USA.
Since adding Bitcoin into its balance sheet back in August 2020, the Fortune 500 company now holds over 90,000 BTC now valued at roughly $5.26 billion.
The blacklisting MSTR is only the most up-to-date in HSBC’s recent anti-crypto moves. Earlier in the past, the planet’s sixth-largest bank reportedly blocked clients from moving profits from crypto trades for their bank account.
Despite banning users from purchasing MicroStrategy inventory, reports of similar prohibitions are yet to emerge for other companies using Bitcoin investment interests.
Indeed, companies with significant Bitcoin investments like Tesla, Hut 8 Mining, and Square to mention a few are still recorded on the HIDC trading catalog.
HSBC becomes the most recent bank to respond negatively to MicroStrategy’s Bitcoin involvement.
MicroStrategy’s Bitcoin investment initially seem to trigger a positive run to get the corporation’s stock price attaining a 21-year high over $1,200 back in early February. MSTR has since fought and is now almost 50 percent down out of its 2021 summit.
Neither HSBC nor MicroStrategy immediately replied to Cointelegraph’s petition for comments.