HSBC does not plan to have cryptocurrency trading desk: CEO

The Straits Times2021-05-24

LONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its chief ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

WeeNi
2021-05-25
WeeNi
Like pls
- ponyinvestor:
  Leave a comment on my post pls in profile
Squ00
2021-05-25
Squ00
Comment
andrew123
2021-05-25
andrew123
This is wat i thought 10yrs ago when btc just started. Regret my decision cos with so little to lose , if i put in $1k now worth more than millions n i can retire. High risk high return. But for 1k low risk high return. Like n comment.
andrew123
2021-05-25
andrew123
No choice as china regulator wants to clamp down on crypto. When they see their HWC move their acc to rivial will they come back n relook .
e13v3n
2021-05-25
e13v3n
well thats what they say now.. theres literally close to 0 risk to them. they make $$$ from the transactions
- Badanu:
  ok
WayneLee
2021-05-25
WayneLee
Is this a wise move or a foolish move?

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2137532471?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-05-24 22:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2137532471","market":"us","top_or_hot":-1,"title":"HSBC does not plan to have cryptocurrency trading desk: CEO","media":"The Straits Times","content":"<div>\n<p>LONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its chief ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/hsbc-does-not-plan-to-have-cryptocurrency-trading-desk-ceo\">Source Link</a>\n\n</div>\n","source":"straits_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>HSBC does not plan to have cryptocurrency trading desk: CEO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHSBC does not plan to have cryptocurrency trading desk: CEO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/hsbc-does-not-plan-to-have-cryptocurrency-trading-desk-ceo><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its chief ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/hsbc-does-not-plan-to-have-cryptocurrency-trading-desk-ceo\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03143","symbol_name":"华夏香港银行股","start_time":0,"source_url":"http://www.straitstimes.com/business/banking/hsbc-does-not-plan-to-have-cryptocurrency-trading-desk-ceo","article_id":"2137532471","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"http://www.straitstimes.com/business/banking/hsbc-does-not-plan-to-have-cryptocurrency-trading-desk-ceo","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2137532471","pubTimestamp":1621866690,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"LONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital co","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"03143":"华夏香港银行股","00005":"汇丰控股","HSBC":"汇丰"},"translate_title":"汇丰不计划设立加密货币交易台：首席执行官","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00005":0.9,"03143":0.9,"HSBC":0.9},"content_text":"LONDON (Reuters) - HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its chief executive Noel Quinn told Reuters.Europe's largest bank's stance on cryptocurrencies comes as the world's biggest and best-known, Bitcoin, has tumbled nearly 50 per cent from the year's high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support.It marks it out against rivals such as Goldman Sachs, which Reuters in March reported had restarted its cryptocurrency trading desk, and UBS which other media said was exploring ways to offer the currencies as an investment product.\"Given the volatility we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business,\" Quinn said.\"For similar reasons we're not rushing into stablecoins,\"he said, referring to digital currencies such as Tether that seek to avoid the volatility typically associated with cryptocurrencies by pegging their value to assets such as the U.S. dollar.Bitcoin traded at US$36,387 on Monday, down nearly 50 per cent in just 40 days from its year high of US$64,895 on April 14.Pressure on the currency intensified after the billionaire Tesla Chief Executive and cryptocurrency backer Musk reversed his stance on Tesla accepting Bitcoin as payment.However, Quinn said that he was a believer in central bank digital currencies (CBDCs), which several countries including the United States and China are working on.\"CBDCs can facilitate international transactions in e-wallets more simply, they take out friction costs and they are likely to operate in a transparent manner and have strong attributes of stored value,\" he said.HSBC is talking to several governments about their CBDC initiatives, including countries such as Britain, China, Canada and the United Arab Emirates, he said.'Difficult questions'China's CBDC project is one of the most advanced among major global economies. City-wide trials involving state-owned banks began last year, and there is also a pilot project for cross border use underway in Hong Kong.China is also involved in a separate project exploring CBDCs for cross-border payments, which HSBC has been involved in.While Beijing presses ahead with central bank digital currencies, it has stepped up efforts to curb usage of cryptocurrencies.China, which is central to HSBC's growth strategy, said last Tuesday that it had banned financial institutions and payment companies from providing services related to cryptocurrency transactions.Reuters reported in April that HSBC had banned customers in its online share trading platform from buying shares in Bitcoin-backed MicroStrategy, saying in a message to clients that it would not facilitate the buying or exchange of products related to virtual currencies.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":138908241,"gmtCreate":1621903495083,"gmtModify":1704364090935,"author":{"id":"3571130591653625","authorId":"3571130591653625","name":"WeeNi","avatar":"https://static.tigerbbs.com/5cec7818309dd699c7e66180fe4d2081","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/138908241","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4437854,"gmtCreate":1621903839957,"gmtModify":1680790765377,"authorId":3575443999456708,"author":{"id":3575443999456708,"authorId":3575443999456708,"name":"ponyinvestor","avatar":"https://static.tigerbbs.com/138d1ebc8820019726a687f0ffe45994","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":138908241,"type":1,"supId":0,"prevId":0,"content":"Leave a comment on my post pls in profile","text":"Leave a comment on my post pls in profile","html":"Leave a comment on my post pls in profile"}],"langContent":"EN"},{"id":138061910,"gmtCreate":1621901529430,"gmtModify":1704364021828,"author":{"id":"3581921108389483","authorId":"3581921108389483","name":"Squ00","avatar":"https://community-static.tradeup.com/news/c532dee28e4fc99a9cc34fb3b9649140","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138061910","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":138085081,"gmtCreate":1621901301043,"gmtModify":1704364013089,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://community-static.tradeup.com/news/f3e049e64de259e717c6e652c0aca653","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":0},"htmlText":"This is wat i thought 10yrs ago when btc just started. Regret my decision cos with so little to lose , if i put in $1k now worth more than millions n i can retire. High risk high return. But for 1k low risk high return.&nbsp;Like n comment.&nbsp;","listText":"This is wat i thought 10yrs ago when btc just started. Regret my decision cos with so little to lose , if i put in $1k now worth more than millions n i can retire. High risk high return. But for 1k low risk high return.&nbsp;Like n comment.&nbsp;","text":"This is wat i thought 10yrs ago when btc just started. Regret my decision cos with so little to lose , if i put in $1k now worth more than millions n i can retire. High risk high return. But for 1k low risk high return. Like n comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138085081","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":138018474,"gmtCreate":1621900927698,"gmtModify":1704363998400,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://community-static.tradeup.com/news/f3e049e64de259e717c6e652c0aca653","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":0},"htmlText":"No choice as china regulator wants to clamp down on crypto. When they see their HWC move their acc to rivial will they come back n relook .","listText":"No choice as china regulator wants to clamp down on crypto. When they see their HWC move their acc to rivial will they come back n relook .","text":"No choice as china regulator wants to clamp down on crypto. When they see their HWC move their acc to rivial will they come back n relook .","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138018474","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":138009083,"gmtCreate":1621899697942,"gmtModify":1704363949253,"author":{"id":"3565819252889467","authorId":"3565819252889467","name":"e13v3n","avatar":"https://static.tigerbbs.com/387ab24895655e32d7ddaf87ded7da37","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"well thats what they say now.. theres literally close to 0 risk to them. they make $$$ from the transactions","listText":"well thats what they say now.. theres literally close to 0 risk to them. they make $$$ from the transactions","text":"well thats what they say now.. theres literally close to 0 risk to them. they make $$$ from the transactions","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/138009083","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4436551,"gmtCreate":1621899749469,"gmtModify":1680790738860,"authorId":3552705374220089,"author":{"id":3552705374220089,"authorId":3552705374220089,"name":"Badanu","avatar":"https://static.tigerbbs.com/486d06a79de428dc38faea5855403ce8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":138009083,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"},{"id":131764089,"gmtCreate":1621897643741,"gmtModify":1704363887302,"author":{"id":"3576105353976896","authorId":"3576105353976896","name":"WayneLee","avatar":"https://community-static.tradeup.com/news/785daacee256a2b4978a5d50fbe3727b","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Is this a wise move or a foolish&nbsp;move?","listText":"Is this a wise move or a foolish&nbsp;move?","text":"Is this a wise move or a foolish move?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131764089","repostId":2137532471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":35,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2137532471"}