Bank of America’s Merrill Lynch Bans Clients from Bitcoin Fund

The ban reportedly applies to Merrill Lynch’s 17,000 advisers, keeping them from suggesting bitcoin-related investments and refusing client requests to trade in the Siulbert’s fund. Existing positions by clients in the bitcoin fund will be allowed in basic brokerage accounts, a WSJ source added, but not in fee-based advisory accounts where financial advisers suggest and pitch investments. A Merrill Lynch spokeswoman confirmed the ban, stating it applies throughout the firm and will include self-directed accounts.

“The decision to close GBTC to new purchases is driven by concerns pertaining to suitability and eligibility standards of this product.”

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