ML cites concerns in banning clients and financial advisers who trade on their behalf from BTC
The Wall Street Journal says they have sighted an internal bank memo:
- "The decision to close GBTC to new purchases is driven by concerns pertaining to suitability and eligibility standards of this product"
(GBTC is Grayscale's fund)
Ban applies to all accounts
- ML's advisers not allowed to pitch bitcoin-related investments but also are stopped from executing client requests to trade the Grayscale Investment Trust bitcoin fund
- Ban extends an existing policy barring access to bitcoin futures
More detail here at the Journal, which may be gated:
- Merrill Lynch Bars Trading of Bitcoin Fund, Futures
Firm has already denied clients access to the bitcoin futures markets
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As a ps. - there is an ungated report on the same matter here: Merrill Lynch bans its clients, advisors from trading bitcoin-related investments, report says
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Bitcoin is sensitive to news such as this, but so far the price not seemingly showing much concern at all:
