HSBC, one of the largest banks in the UK, is preventing the cashing of BTC holders. Other UK banks are blocking credit card payments when trying to buy cryptocurrencies.
According to The Times, some UK banks do not accept transfers from cryptocurrency exchanges. HSBC, one of the UK’s largest banks, does not process payments related to cryptocurrencies and does not allow customers to cash out from cryptocurrency wallets. Other leading banks accept transfers aimed at withdrawing money from cryptocurrency wallets to checking accounts, however many of them do not allow customers to use credit cards to buy or sell BTC.
Ran NeuNer, host of Crypto Trader on CNBC, commented publication and said that many banks could seriously damage their operations by introducing bans on cryptocurrency-related transactions. Earlier HSBC and Barclays blocked the accounts of a UK entrepreneur after he made a transaction on a cryptocurrency exchange.
Concerns about possible money laundering are commonly cited as the main reason for banks’ reluctance to deal with cryptocurrency. However, BNY Mellon processed $ 137 million worth of transactions for organizations linked to the OneCoin pyramid, according to filings from the U.S. Financial Crimes Enforcement Network (FinCEN) in September. Deutsche Bank reported a total of $ 1.3 trillion in suspicious transactions, JPMorgan $ 500 billion, and Bank of America $ 384 billion, according to the documents.
At the same time, Danny Scott, CEO of British cryptocurrency exchange CoinCorner, said that traditionally hostile British banks are gradually changing their attitude towards BTC:
“For some time now, there have been no banks that would refuse our clients or make it difficult to liquidate their BTC. I think that banks are starting to feel more comfortable with BTC – as long as the source of this money is clear, there is no problem. ”
Recall that in 2018, British banks refused to issue mortgages to cryptocurrency investors.
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