Banning Bitcoin Trading: American bank Merrill Lynch Announces
Another banks moves in contrary to the growing wave of cryptocurrency – The american Bank Merrill Lynch just declared that it was banning BTC-related trading or investing for its costumers and advisors. The financial entity pointed out that the advisors are not allowed to accept orders from its costumers to pair crypto in the Grayscale Bitcoin Investment Trust – which is BTC fund and managed by Barry Sillbert.
GBTC – The Grayscale Bitcoin Investment Trust is a platform that finds use upon trading BTC on Wallet Street. Signs are there that the same bank will be banning bitcoin futures trading to for its costumers. This news comes days after CBOE and CME group have launched bitcoin futures trading. On the other hand E-trade Financial [which is an online stock brokerage company] started trading on CME BTC futures for its clients. The event show show some banks are pushing upwards for bitcoins grow in general, while some are tanking it downward.
This is not the first time a major bank has openly been against its clients investing in bitcoin or any other cryptocurrencies. Back in December 2017, the Futures Industry Association, comprising of multiple UK and U.S. banks, urged to be cautious about the transparency issues of cryptocurrencies and discussed potential risks of futures trading. In Australia, four major banks have reportedly been shutting down or freezing accounts if customers tried to invest in cryptocurrency, or if they transferred funds to cryptocurrency exchanges. All around the world, banks are increasingly keeping an eye on bitcoin as it is gaining traction among investors. The appeal of decentralization is growing among individuals. There is a strong desire from customers to personally and privately own their assets without going through banks or financial organizations.
The year that we have just stepped into is very crucial for the whole crypto-ecosystems as its the time when banks and organizations have to pick sides and cement their position. There might be more bans and regulations going on or will acceptation and facilitation take over?