Merrill Lynch Bank has banned transactions with bitcoin

Investment bank Merrill Lynch has blocked access for clients and financial advisors who conduct transactions on their behalf to instruments for buying and selling bitcoin due to doubts about the advisability of such investments, writes The Wall Street Journal

Merrill Lynch is one of the largest American investment banks, headquartered in New York, and has been fully integrated into the Bank of America structure since 2013.

In early December 2017, Merrill Lynch denied clients access to bitcoin futures.  Then the bank's managers informed clients that they would not provide access to the first BTC futures, trading in which began on December 10.

Now financial consultants are also prohibited from any transactions with the securities of the Grayscale fund, which invests in Bitcoin (Bitcoin Investment Trust), the publication's sources claim.

According to them, in brokerage accounts it is possible to maintain existing positions in Bitcoin, but in accounts that consultants open for clients with the charging of commissions, this option impossible.

WSJ received confirmation that such decisions were made behind closed doors; the press service of Merrill Lynch also does not comment on the details and reasons for this decision. 

The Bitcoin Investment Trust is owned by Grayscale Investments and invests exclusively in bitcoin. The cost of its assets and securities completely depends on the current rate of this cryptocurrency. Behind Grayscale is investor Barry Silbert, founder and chairman of Digital Currency Group.

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