Quote from: Antonioz on March 13, 2021, 05:35:20 PM

So I already own some crypto but just for the sake of it I tried to buy a tiny portion of BTCC (the canadian bitcoin etf) , or other crypto related instrument, and whenever I try HSBC invest direct (in canada) blocks the order, saying:
"alert! your trade ticket was rejected due to no trades allowed on Virtual Currencies"

here are some snapshot of the message:

https://drive.google.com/file/d/1OPs9DLOvtD7s7ExpUU4vhVSjpgt0dUz4/view?usp=sharing

https://drive.google.com/file/d/1qQSDItkOqJNAvvm3D67kCx3AWqYdim20/view?usp=sharing

https://drive.google.com/file/d/1a-ewt9m96vcjAuzgwDSGLAtuRHlMOlH_/view?usp=sharing

this is concerning, because maybe it means banks will start banning cryptos. And what is the point of creating ETFs etc... if then banks do not allow to invest in them?? is it only HSBC doing this?

Not all banks could ban cryptocurrency-related transactions. Like my friend for example, he sees Bitcoin rising and immediately cashed out his profits to his preferred bank. He thought that the amount would reflect instantly to his bank account, so he went personally to them and inquired. The bank teller asked him of his source of funds, and he said “Bitcoin wallet”. So the bank teller went to the supervisor, and then returned and saying that it is not allowed in their banking rules and he was forced to close his account no matter the purpose.

As for me, I am on a different bank in the Philippines and was very crypto-friendly. They even have their first regulated crypto ATM launched in Makati as well. It’s only a matter of time that either these banks would welcome Bitcoin and cryptocurrencies in open arms, or they would be left behind in the trend.