There had been plenty of discussions about a possible ban from the US government over digital assets. It seems that some private institutions have started to feel the heat of the competition. For the most part, banks and government institutions have made way for crypto dependency. Despite all the big names like JP Morgan, Goldman Sachs, and Morgan Stanley that have already embraced Bitcoin, some are not open-minded.
The digital currencies are the evolution of the existing economic system, but the backward banking systems that are not prepared to handle the transition are becoming defensive. HSBC has come under fire from the crypto community after closing the doors for its customers towards the crypto exchanges and trading. In a world where customer demands have driven the biggest names in the financial industry to add crypto-commerce channels, this move is not going to play out well.
Can MicroStrategy Take Legal Action against HSBC for Speculation and Defamation Damages?
In a recent email sent by the UK-based bank to its customer, the bank authorities have informed that MicroStrategy has been added to the blacklist. It means that Canadian HSBC bank consumers would not be able to able to trade MicroStrategy Shares (MSTR) through the bank’s online trading platform. In many analysts’ opinion, this move from HSBC has highlighted another important advantage of decentralized currencies for the consumer.
Many customers are enraged about this unsolicited ban and limitation. One Twitter user, @Camadamus, tagged MichealSaylor himself on the tweet and asks the possibility of an upcoming lawsuit against the bank authorities. The banks have the power to stop the customers from getting into a trade based on their interests, while with decentralized platforms, every investor can make decisions based on their needs and requirements only.
MicroStrategy Shares Takes 50% Dip; Is Bitcoin Ban Coming Soon?
Since the acquisition of Bitcoin, MicroStrategy shares have been doing well. However, after the recent blacklisting policy of HSBC, the company shares have halved. This is not the first time HSBC has showed its crypto-phobic outlook; earlier this year, the bank also stopped its customers from transferring their earning from crypto exchanges to their bank accounts.
These new regulations are issued under the pretext of classifying MicroStrategy as a virtual currency product. Another similar prohibition on MicroStrategy was imposed by Citibank that marked the red paint over MSTR for its disproportionate focus on Bitcoin. It should be noted that Bitcoin is currently trending at $58,145 with a correction of 0.09% and has remained in the support bracket for the better part of two months.