HSBC, the biggest bank in the United Kingdom, will disallow Bitcoin users to process transactions from crypto exchanges or digital wallets. Per the report from The Times U.K., this indicates that crypto enthusiasts might be contemplating cashing in on the profits of the industry’s bull run. They would have to explore options as HSBC and other banks would not process these payments.
HSBC will not authorize Bitcoin, Ether, or other altcoin-linked deposits or funds connected to a crypto wallet in their consumer’s bank accounts. Certainly, investors will not be permitted to utilize their debit or credit cards to buy cryptos. However, some other prominent banks in the nation seem ready to accept digital wallets’ transactions into current accounts. Nevertheless, many of them will prevent their clients from utilizing their credit cards to buy crypto-assets such as Bitcoin.
Money Laundering is the main concern behind forbidding Bitcoin Investors
HSBC and Barclays Bank had barred a U.K. cycling merchant account as he made a transaction to a crypto exchange. The banks mentioned money laundering matters about why they are hesitant to trade with crypto assets and firms. Although HSBC, JPMorgan Chase, and other significant banks supported criminals launder over $2 trillion. This is following the FinCEN files that leaked back in September.
Further, Ran Neuner, stated that several banks would place themselves out of business if they terminate crypto transactions on their platform. He delivered this statement in acknowledgment of HSBC’s decision not to process crypto payments.
Meantime, the CEO of crypto exchange CoinCorner, Danny Scott expressed his opinion on the issue. He opines that some of the antagonistic financial institutions in Britain have started to acknowledge Bitcoin. Moreover, he says that his exchange and clients have not lately encountered any difficulties with banks in liquidating their crypto-asset. He replied that the banks would not restrict clients for as long as the funds’ source remains transparent.
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