In line with Wallebi, HSBC blocks all transactions from cryptocurrency exchanges. From now, crypto users in the U.K. would no longer be able to transfer their funds from crypto exchanges to their personal account in HSBC bank. Actually, HSBC becomes an anti-crypto bank by following other banks in U.S.
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HSBC banned transactions from crypto exchanges
Bitcoin price surged continuously for a while and every day hit an all-time-high. As a result, many people became interested in joining this market in order to make a profit. Now, the Bitcoin market is cooling down and price is declining. In this situation, HSBC banned all transactions from crypto exchanges to bank accounts and vice versa. In fact, the bank is preventing customers from transferring any profit, which gained from crypto market to their accounts.
U.K based banks are against cryptocurrency
The Sunday Times reported that HSBC is against investing and trading Bitcoin and other altcoins. In addition, other U.K based banks are also preventing their customers from using their debit or credit card for buying cryptocurrency purposes. The U.K. along with the U.S. are both the most anti-crypto governments, which are trying to push the industry away from their country or even stifle it.
HSBC Becomes An Anti-Crypto Bank; It could not be a suitable decision
Ran Neuner, the CNBC host and Onchain Capital founder, stated: “banks are putting themselves out of business by their recent decisions”. He believes that banks are just trying to limit their customers to have access to the best performing asset of the last decade. Consequently, financial institutions will do their best in order to fight against recent banks movement.
HSBC Becomes An Anti-Crypto Bank; Crypto-related activities are not the only illegal actions
HSBC involvement in money-laundry activities is well documented. Some other major banks such as Barclays Bank, JP Morgan, Standard Chartered and Deutsche Bank are also on the list. These banks were dealing with same issues as well.
Documents from U.S. Financial Crimes Enforcement Network (FinCEN) shows that HSBC allowed criminals to move around $2 trillion dirty-money around the world.