Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more negative on crypto than other banks, the executive stressed: “I do worry about the sustainability of the valuations of crypto.”
HSBC Will Not Get Into Crypto, CEO Says
The chief executive of HSBC, Noel Quinn, talked about his bank’s cryptocurrency stance in an interview with CNBC-TV18 last week. He confirmed:
As a bank, we’re not getting into the crypto world, crypto trading, crypto exchanges.
Emphasizing that cryptocurrencies are too volatile, the HSBC chief said: “I do worry about the sustainability of the valuations of crypto and I have done for a while. I’m not going to predict where it will go in the future.”
Quinn proceeded to explain why HSBC is more negative on crypto than other banks. He stated:
As a product, I questioned its suitability for many of the consumers in the marketplace today. So that’s why HSBC is more negative on crypto than other banks.
In May last...
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