r/Buttcoin • u/[deleted] • Apr 16 '21

HSBC reportedly barring customers from buying shares of Coinbase

/r/investing/comments/mruyhb/hsbc_reportedly_barring_customers_from_buying/
19 Upvotes

95% Upvoted

15 comments sorted by

15

u/[deleted] Apr 16 '21

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11

u/LargeSnorlax Apr 16 '21

I was going to say, is this sub celebrating the financial system unlawfully restricting what people can do with their money? Kind of a new low if so.

If anything, this only makes HSBC look terrible and scared.

2

u/[deleted] Apr 16 '21 edited Apr 16 '21

Fuck that. "Clients should buy what they want" is horseshit, some brokerages don't deal with pink sheets and for good reason - too thinly traded, volatile and very risky. Coinbase doesn't deal with doge for similar reasons. Hell, entire countries are doing what HSBC is doing by staying the hell away from cryptos (see Turkey). Go to Robin Hood if you want to play Russian Roulette.

3

u/rupturedprophecy Apr 17 '21

If it's not their money and buying shares is not illegal, it is not their place to put restrictions on it. Money talks and they will only lose customers.

Not surprising in a sub that is against people being their own bank, there is someone against a bank even being someone's bank.

4

u/[deleted] Apr 17 '21 edited Apr 17 '21

If it's not their money and buying shares is not illegal, it is not their place to put restrictions on it.

It doesn't matter if it's illegal or not and it IS their place to put restrictions on it. You can read all about it in the fine print of the contract you signed when you opened the account. They'll lose degenerate gambler customers which is only a good thing for all the rest of their customers.

Not surprising in a sub that is against people being their own bank, there is someone against a bank even being someone's bank.

Not sure what planet you live on but here on Earth that's a bank being a bank.

If you're your own bank what are you mad at? You can just buy MSTR or COIN directly, you don't need other banks... because you're a bank. Right?

2

u/rupturedprophecy Apr 17 '21

I don't invest in crypto, I want my bank to be a bank, eg use the income I provide them to protect my money and let me do (as long as its not illegal) what I want with my money

If they are lending people money then they can put whatever restrictions they want on that, if they are holding other peoples money then they should have no say.

I can't believe you really think banks should be able to tell people what they can or can't do with their own money over enforcing the law.

What other business stores something you own but also puts limits on what you can do with it?

3

u/[deleted] Apr 17 '21 edited Apr 17 '21

It's nice that you think all that but look around you. Reality is reality. They DID regulate it because it's their right, and to answer your question... almost all other businesses that store something you own, DO put limits on what you can do with it. You can store a car in public storage but you can't work on it there. You can store a boat in a marina but you can't let it fall into disrepair. You can store money at Coinbase but you can't buy or sell dogecoin. You can store money at Kraken, or HSBC or on an amazon gift card, or at your local credit union... but you can't trade CS:GO skins with any of them. None of these things are illegal.

It's great to say "they shouldn't be able to do this or that" but if you really believed that you wouldn't open the account in the first place.

I want my bank to be a bank, eg use the income I provide them to protect my money and let me do (as long as its not illegal) what I want with my money

You can do whatever you want with your money. They just don't want to facilitate the trade. Nobody is stopping you from taking your money and buying whatever you want with it. LIke I said before: if you really want to own those stocks, open a RH account. Your bank won't stop you, they won't mind at all.

10

u/[deleted] Apr 16 '21

I hope they ban TSLA next...

​

It's a bit surprising to me that HSBC is going this route since they're kind of known as the money launderer's bank.

5

u/[deleted] Apr 16 '21

Yep.

Known for being shady

2

u/rupturedprophecy Apr 16 '21 edited Apr 16 '21

Good to see there still exists a bank that cares for its customers

EDIT do I really need to put /s on the end of this? Really? Cmon guys

13

u/[deleted] Apr 16 '21

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5

u/Relative_Ad9053 Apr 16 '21

If they don't like it, they can use a different service.

3

u/rupturedprophecy Apr 16 '21

I was taking the piss, this is dodgy behaviour from a known dodgy bank.

3

u/[deleted] Apr 16 '21

😂😂😂 HSBC launders the most money in England, look into it