Bitcoin Fund Manager Faces HSBC Account Closure
Global Advisors, a firm based in Jersey that manages the first regulated bitcoin fund, has been served notice by its bank, HSBC. The firm said it received a notice from HSBC indicating that the company's bank account would be closed in 60 days. A meeting with HSBC personnel at the firm's office in Jersey revealed that the bank feared Global Advisors' account was at risk of potential money laundering. "We heard that our risk profile is not really happening for them," said Jean-Marie Mognetti, a partner with the firm. Invested funds unaffected. Mognetti stressed that the HSBC account being....
Related News
Mega bank HSBC has reportedly decided to cut ties with a hedge fund that's planning to bring the first regulated bitcoin investment fund over concerns of money laundering, BBC reported Monday. Mr. Daniel Masters of Global Advisors (the hedge fund in question) has said that this situation threatens plans to make the Island of Jersey (where the fund is based) a place where cryptocurrency businesses can flourish, adding that HSBC's decision in the matter is a "step in the wrong direction for Jersey." The fund is called the Global Advisors Bitcoin Investment Fund, or GABI. Meanwhile, HSBC told....
Once known as a skeptical institution of crypto, HSBC originally announced its first major move into metaverse in mid-March. Global banking giant HSBC Holdings has rolled out its metaverse investment product for wealthy clients in Singapore and Hong Kong, according to multiple media reports.Called Metaverse Discretionary Strategy portfolio, the new product is managed by HSBC’s asset management arm, HSBC Asset Management. The fund aims to provide high net worth professional investors and accredited investor clients with exposure to new investment opportunities in the metaverse....
HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services. CEO Noel Quinn says that HSBC views bitcoin as an asset class rather than a payments vehicle but the bank is not rushing into providing cryptocurrency investments for clients. HSBC Confirms Crypto Stance HSBC CEO Noel Quinn said that the bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported Monday. Quinn was quoted as saying: “Given the volatility we are not into....
In a world of corrupt banking practices filled with fraudulent activity, fractional reserve banking, quantitative easing, and too-big-to-jail banks like HSBC, it is great to know we can vacate corrupt systems with Bitcoin. HSBC, Modern Banks ‘Too Big To Jail’. One of the biggest scams these days is the traditional central banking system we have here on....
Falcon Global Capital is taking aim at what it considers the misconception that the firm is struggling to garner interest after closing its bitcoin investment fund due to declining demand. Such characterizations first emerged in a Bloomberg article that drew parallels between the fund closure and the decline in the price of bitcoin this year. Though the article suggested this development was perhaps negative for the company - which has often been portrayed as an investment fund, Falcon Global Capital believes it is simply moving to better capture already strong customer demand. Speaking to....