The largest bank in the United Kingdom, HSBC, is blocking transfers linked to cryptocurrency exchanges. This will make it harder for residents to access fiat, according to The Sunday Times.
Jason Yanowitz, founder of BlockWorksGroup, drew attention to the restrictions.
HSBC is now blocking transfers to and from crypto exchanges.
Legacy financial institutions will do everything in their power to stop this movement.
They’re literally denying their customers access to the greatest performing asset of the past decade.https://t.co/x2VcabfCFj
— Yano (@JasonYanowitz) January 11, 2021
Traditional financial institutions will do everything in their power to stop cryptocurrencies. They are literally denying their customers access to the most high-performing asset of the past decade,” he said.
Even those British and American banks that process crypto-related payments do not always permit using credit cards for them.
In a FinCEN data leak, HSBC was named. According to the disclosed documents, the bank helped oligarchs move illegally obtained funds and hide them from tax authorities.
On 6 January in the United Kingdom took effect a ban on the sale of cryptocurrency derivatives to retail investors.
The authorities intend to regulate the industry in a manner analogous to traditional finance. In early January, the Finance Ministry began consultations on regulating cryptocurrencies and stablecoins.
Until 9 July, the country has a temporary registration regime for cryptocurrency companies that allows them to operate while the Financial Conduct Authority (FCA) reviews applications to conduct activity.
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