Merrill Lynch banned clients from investing in Bitcoin funds

nBankruptcy comment: Although the United States has listed several Bitcoin futures products, but Merrill Lynch banned advisers and clients to participate in the investment, that its lack of applicability and compliance standards. The Futures Association of the United States also questioned the process of the listing of futures, large brokers to banks also prohibit customers to participate in bitcoin futures investment.n
nTranslation: Annie_Xun
Merrill Lynch, a broker owned by Bank of America, has banned financial advisers and clients from participating in bitcoin-related investments.n
The ban includes the Grayscale Bitcoin Investment Trust, created by Bitcoin entrepreneur Barry Silbert. A bank internal note received by nearly 17,000 consultants showed that the ban on access to the fund was a result of fears of “the product’s suitability and eligibility criteria.”n
The Wall Street Journal shows that the bank ban contains the recently launched bitcoin futures contracts, sources said Merrill Lynch had made the policy on December 8 last year, two days before the CBOE (Chicago Board Options) bitcoin futures market .n
The source added that there are already Bitcoin funds that can not be stored in a charged advisory account, but brokerage accounts do.n
Silbert, a former Wall Street investment banker, told Reuters:n
n”We look forward to having a dialogue with Merrill Lynch to address their concerns and issues with Bitcoin Investment Trust and we do not know a similar policy for other brokerages.”n
nThe FIA ​​(Futures Industry Association) filed an open letter to the US Commodity Futures Trading Commission (CFTC) before the launch of Bitcoin Futures to raise concerns about the process of listing cryptocurrency futures. The Wall Street Journal reported that large banks and brokers, including JPMorgan Chase, Citigroup and Royal Bank of Canada, have all refused to invest in bitcoin futures.n

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