HSBC Has Second Thought About The Whole Bitcoin Thing


It’s been a while since HSBC agreed to get out of the money-laundering business for the low, low price of $1.9 billion. Alas, as of a few months back, the bank still had a bit of work to do re: not laundering money for drug dealers or rogue states anymore. Plus, there are a few other legal and reputational issues it’s dealing with. So you know what it really doesn’t need? A money-laundering headache from some two-bit fake-currency hedge fund, that’s what.

Jersey-based hedge fund Global Advisors (GA) claims the bank was worried about "money laundering risk"….

HSBC would not discuss individual customers, but said ending a client relationship is never done "lightly".

HSBC severs link with firm behind Bitcoin fund [BBC]