The recent turbulent price action for cryptocurrencies is providing ample opportunities for popular anti-crypto bank HSBC to double its negative stance towards virtual currencies.
Speaking to Reuters on Monday, HSBC CEO Noel Quinn said That the bank was not interested in running a crypto trading desk or offering cryptocurrency related investment packages to its customers.
Quinn identified volatility as a major reason for the bank’s decision, despite the emerging trend of other major financial institutions announcing plans to open up crypto investment avenues for their customers.
Earlier in May, investment banking giant Wells Fargo announced plans to launch Crypto Investment Products for Major Customers. Also, other major US banks such as Morgan Stanley and Goldman Sachs are in various stages of rollout. Institutional-grade bitcoin funds for its clients.
Earlier in May, the New York Digital Investment Group partnered with fintech organization Fidelity National Information Services to provide a framework for United States lenders. Provide crypto trading services to customers.
Description of austerity of HSBC on bitcoin (B T c) And crypto in general, Quinn said:
“I see bitcoin as a more asset class than a payment vehicle, there are very difficult questions on how to value it on customers’ balance sheets because it is so volatile.”
The CEO of HSBC also criticized the Stablox questioning the reputation of the issuers as well as the extent to which the stable stocks in circulation are supported by structured reserves.
However, Quinn voiced support for the central bank’s digital currencies and said CBDC could make cross-border payments easier.
As previously reported by Cointegraph, HSBC has a well-known history of anti-crypto feelings with the bank Blacklisting MicroStrategy Stocks On its online retail trading platform. At the time, HSBC revealed that the move was due to MicroStrategy’s massive bitcoin investment drive.
Earlier this year, the bank allegedly barred customers from withdrawing profits from the crypto exchange platform to its HSBC accounts.