One of the Bank of America’s wealth management divisions, Merrill Lynch, has forbidden clients to invest in Barry Silbert’s Bitcoin Investment Trust. The news comes via a memo from the financial advisory firm last December which was seen by Reuters.
The note was sent to around 17,000 brokers at both Merrill Lynch and their subdivision of independent trade managers, Merrill Edge. According to the memo dated December 8, 2017, the wealth management firm will no longer approve new orders for Silbert’s trust. This was due to uncertainty over the “suitability and eligibility standards” of the Bitcoin fund.
Sourced through Scoop.it from: www.newsbtc.com