Merrill Lynch, a brokerage of Bank of America, has banned financial advisors and clients from participating in Bitcoin-related investments.
The ban includes the Grayscale Bitcoin Investment Trust, created by Bitcoin entrepreneur Barry Silbert. Nearly 17,000 consultants received an internal bank memo showing that the fund was banned because of concerns about "applicability and eligibility criteria for the product."
The Wall Street Journal shows that the bank ban contains the recently launched Bitcoin futures contract, which sources said that Merrill Lynch had already enacted the policy on December 8, last year, two days before the CBOE (Chicago Options Exchange) bitcoin futures were listed. .
The news also said that bitcoin funds can't be stored in the paid consulting account, but the brokerage account is fine.
Former Wall Street investment banker Silbert told Reuters:
"We look forward to talking to Merrill Lynch to resolve their concerns and problems with Bitcoin Investment Trust. We don't know similar policies from other brokerage companies."
The Futures Industry Association (FIA) submitted an open letter to the US Commodity Futures Trading Commission (CFTC) before the listing of Bitcoin futures, raising concerns about the cryptocurrency futures listing process. The Wall Street Journal reported that large banks and brokers, including JPMorgan Chase, CiTIgroup, and Royal Bank of Canada, have refused to invest in Bitcoin futures.
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