Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more negative on crypto than other banks, the executive stressed: “I do worry about the sustainability of the valuations of crypto.”The chief executive of HSBC, Noel Quinn, talked about his bank’s cryptocurrency stance in an interview with CNBC-TV18 last week.
In May last year, Quinn told Reuters: “I view bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.” He added: “Given the volatility, we are not into bitcoin as an asset class … We are not promoting it as an asset class within our wealth management business.”
As for stablecoins, Quinn said at the time: “For similar reasons, we’re not rushing into stablecoins.” He explained that stablecoins “do have some reserve backing behind them to address the stored value concerns, but it depends on who the sponsoring organization is, plus the structure and accessibility of the reserve.”
In April last year, HSBC Canada notified clients that its crypto policy had changed, stating that it would not facilitate the buying or exchange of products related to virtual currencies. For example, clients could
Good we already have enough crooks in the space 😂
Well I guess no one really cares if HSBC is interested in crypto anymore, they are a falling giant anyway and too busy focusing on downsizing
Lol hey Chris 👋
Chris Larson still on the board?
And this is where we know that HSBC doesn't have any future anymore.
At last a realistic and totally believable policy position from a big bank. I don't believe half of what is reported in crypto press relating to bank adoptions.
Banks are Banks and Crypto is Crypto. Can’t adopt everyone.
Enjoy Bankruptcy!
As a bank… one year before Hsbc digital asset division me thinks
I think their subsidiarios will offer crypto services
MerlinXRP
I use Bitfinex for trading and I am happy that banks are not in the crypto world.
One of the worlds biggest launderers of fiat drug money wish to avoid the transparency of the blockchain? What a surprise.
how about TheSandboxGame ?
Crypto is biggest competitor of these banksters. Of course they hate it.
This shitty bank did money laundering who cares what they say.
His loss
I'm getting blockbuster vibes...
We don’t care !!
That’s great, trend
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they will at some point lol, all of crypto is getting adopted. When the market demand is calling, you can do little to stop it. Now that students are educated after proposals like the eduDAO funded by bitDAO, that promotes crypto learning, this should increase
Then U will end up like Nokia !
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🚀 All done!
You’ll be late to the party and fail
Well, they're going to eat their own words a few years later like JP Morgan 🤪
Blockchain tech on the other hand…
So they're going bankrupt shortly?
Good 😊
Because crypto solves banking issues and they'd be obsolete lmao
They’ll just stick to working with cartels.
LoL i will laugh very big at you in couple of years. You can only ignore the future but can't stop it
I believe this was not always the case
进入加密领域只是时间问题，
Great !! The whole idea here is that you NO LONGER OWN OUR MONEY ! So thank you for the reassurance
🚀 Thnks a millon
🚀 Thnks a millon.
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