The crypto traders and investors of the U.K. are no longer able to transfer their funds from the digital asset exchange of HSBC bank. As the bitcoin is going down from its all-time high record, HSBC, the latest banking giant, is restricting consumers’ decision to invest in crypto. HSBC wants to prevent them from transferring any profits from the crypto exchange to their bank accounts.
As per the recent report, HSBC blocked the transactions to or from the crypto exchange as it is taking a heavier approach with bitcoin and its rally. The various other U.K. banks have also restricted their customers to buy the crypto assets with their credit and debit cards.
The U.K. is considered as one of the anti-crypto nations due to its increase in the financial institution and regulator, which is going to stifle the financial industry.
CNBC’s host and Onchain capital founder, Ran Neuner, is marking that the customers are going to make their ultimate choice to the bank elsewhere as they are facing restrictions on their activities with their own money.
Banks are traditionally giants in the decentralization of digital currencies as the consent is going to be a threat to their margin of profit. Banks are making money or people’s money and had been the primary catalyst for Satoshi Nakamoto for spawning the Bitcoin a decade ago.
HSBC shared their plummeted documents in September from the U.S. Financial Crimes Enforcement Network. It got involved with $2 trillion in the transaction, which reveals how the bank is allowing the criminals to move their black money worldwide.
According to the documents, HSBC is allowing the fraudsters to transfer their money throughout the world after learning about the Chinese Ponzi scam. Now they are worried about the trading of bitcoin.
According to many, the blocking of transactions is just a form of hypocrisy that the customers are going to face. However, a pretty good number of alternatives is still there.