American investment management company Vanguard Group is facing backlash from customers after rejecting their requests to access and trade Spot Bitcoin ETFs on the platform. This comes after the recent approval of Spot Bitcoin ETFs, which has led to increased trading activities among investors. However, Vanguard customers were unable to participate in the trading process due to restrictions imposed by the company. As a result, many customers have decided to withdraw their funds and close their accounts permanently.
One frustrated customer, Vanessa Harris, expressed her disappointment on social media and transferred her retirement account from Vanguard Group to Fidelity because of their lack of support for Bitcoin ETFs. Another user suggested that individuals should withdraw from Vanguard and move to BTC-friendly alternatives like Fidelity.
Despite the mass withdrawals, Vanguard has not shown any intention of reconsidering its policy against Spot Bitcoin ETFs. In fact, senior ETF analyst Eric Balchunas announced that Vanguard has banned all Spot BTC ETFs from its platform. The investment management company has a contentious relationship with cryptocurrencies and does not endorse investments in BTC or other cryptocurrencies on its platform.
Hot Take: Vanguard Faces Backlash for Rejecting Customers’ Requests for Spot Bitcoin ETFs
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