{"id":34489,"date":"2021-01-11T11:15:50","date_gmt":"2021-01-11T09:15:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34489"},"modified":"2025-08-28T20:50:58","modified_gmt":"2025-08-28T17:50:58","slug":"media-hsbc-blocks-transfers-to-cryptocurrency-exchanges","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-hsbc-blocks-transfers-to-cryptocurrency-exchanges\/","title":{"rendered":"Media: HSBC blocks transfers to cryptocurrency exchanges"},"content":{"rendered":"<p>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 <a href=\"https:\/\/www.thetimes.co.uk\/article\/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz\" target=\"_blank\" rel=\"noopener noreferrer\">The Sunday Times<\/a>.<!--more--><\/p>\n<p>Jason Yanowitz, founder of BlockWorksGroup, drew attention to the restrictions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">HSBC is now blocking transfers to and from crypto exchanges.<\/p>\n<p>Legacy financial institutions will do everything in their power to stop this movement.<\/p>\n<p>They\u2019re literally denying their customers access to the greatest performing asset of the past decade.<a href=\"https:\/\/t.co\/x2VcabfCFj\">https:\/\/t.co\/x2VcabfCFj<\/a><\/p>\n<p>\u2014 Yano (@JasonYanowitz) <a href=\"https:\/\/twitter.com\/JasonYanowitz\/status\/1348454600622432258?ref_src=twsrc%5Etfw\">January 11, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>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,&#8221; he said.<\/p>\n<\/blockquote>\n<p>Even those British and American banks that process crypto-related payments do not always permit using credit cards for them.<\/p>\n<p>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.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"M92Cwix4PV\">\n<p><a href=\"https:\/\/forklog.com\/en\/news\/big-banks-drawn-into-2-trillion-money-laundering-scandal-for-oligarchs-and-criminals\">Major banks have been embroiled in a $2 trillion money-laundering scandal involving oligarchs and criminals<\/a><\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cMajor banks have been embroiled in a $2 trillion money-laundering scandal involving oligarchs and criminals\u201d \u2014 ForkLog\" src=\"https:\/\/forklog.com\/news\/krupnye-banki-ugodili-v-skandal-s-otmyvaniem-2-trln-dlya-oligarhov-i-prestupnikov\/embed#?secret=fWY5RRTjUy#?secret=M92Cwix4PV\" data-secret=\"M92Cwix4PV\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>On 6 January in the United Kingdom <a href=\"https:\/\/forklog.com\/en\/news\/uk-regulator-bans-sale-of-cryptocurrency-derivatives-to-retail-investors\">took effect a ban on the sale of cryptocurrency derivatives to retail investors<\/a>.<\/p>\n<p>The authorities <a href=\"https:\/\/forklog.com\/en\/news\/uk-proposes-regulation-of-stablecoins\">intend to regulate the industry in a manner analogous to traditional finance<\/a>. In early January, the Finance Ministry began consultations on regulating cryptocurrencies and stablecoins.<\/p>\n<p>Until 9 July, the country <a href=\"https:\/\/forklog.com\/en\/news\/uk-introduces-temporary-registration-regime-for-crypto-firms\">has a temporary registration regime for cryptocurrency companies that allows them to operate while the Financial Conduct Authority (FCA) reviews applications to conduct activity<\/a>.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest bank in the United Kingdom, HSBC, is blocking transfers related to cryptocurrency exchanges. This will make it harder for residents to access fiat, according to The Sunday Times.<\/p>\n","protected":false},"author":1,"featured_media":34490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1582],"class_list":["post-34489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-hsbc"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=34489"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34489\/revisions"}],"predecessor-version":[{"id":34491,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34489\/revisions\/34491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/34490"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=34489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=34489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=34489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}