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HSBC will not offer Bitcoin and Crypto

HSBC will not offer Bitcoin and Crypto

The HSBC bank’s CEO says that Bitcoin is not on the agenda. As a result, the bank will not be joining the growing list of banks offering Bitcoin and cryptocurrency investment products to their customers and clients.

Negative Stance

The recent tumultuous price action of cryptocurrencies seems to be providing ample opportunity for all the popular anti-Crypto. As a result, it is doubling its negative stance towards virtual currency.

Novel Quinn

Novel Quinn, the CEO of HSBC, spoke to Reuters on Monday. He said that the bank was not interested in running a Crypto trading desk.


Moreover, the bank is also not interested in offering Crypto-related investment packages to its clients. Quinn also identified volatility as the primary cause for the bank’s decision.

Not Ready

Moreover, there is an emerging trend of other major Financial Institutions announcing plans to open up Crypto investment. However, the bank is not ready.

Wells Fargo

Wells Fargo, an investment banking giant, announced plans to debut a Crypto investment product for its major Clients earlier in May.

Asset Class

Detailing the bank’s reluctance on Bitcoin and cryptocurrency in general, Quinn opined that Bitcoin is more of an asset class than a payments vehicle. He also added that there are many difficult questions on how to value it on the clients’ balance sheet because of its volatility.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.