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Top British Bank Bans Bitcoiners

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Sun, 01/10/2021 - 11:42
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Alex Dovbnya
Scandal-tainted HSBC won't let Bitcoiners deposit their profits, according to a report by The Times
Top British Bank Bans Bitcoiners
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According to a report by The Times dated Jan. 9, HSBC, one of the largest banks in the U.K., will not let Bitcoiners cash out their gains following the cryptocurrency’s record-breaking rally.

Meanwhile, other leading banks refuse to accept credit cards for cryptocurrency purchases. 

The pot calling the kettle black

Ran Neuner, the host of CNBC’s Crypto Trader, commented that many banks were going to put themselves out of business by banning cryptocurrencies. 

The largest banking institutions in Britain have been egregiously anti-crypto for years. As reported by U.Today, HSBC and Barclays blocked the accounts of a U.K. cycling merchant after he made a transaction to a cryptocurrency exchange:

HSBC
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Money laundering concerns are usually cited as the main reason behind their reluctance to deal with crypto. 

Yet, HSBC, JPMorgan Chase, and other major banks actually helped criminals launder over $2 trillion, according to the damning FinCEN files that leaked back in September.

Related
HSBC Whistleblower Herve Falciani to Launch Cryptocurrency That Will Be Embraced by Regulators

Banks are warming up to crypto  

Danny Scott, the CEO of cryptocurrency exchange CoinCorner, says that traditionally hostile British banks are warming up to Bitcoin:

We haven’t had any banks refusing or making it difficult for our customers to liquidate their bitcoin for a while now. I think banks are becoming more comfortable with bitcoin — as long as the source of those funds is clear, there are no issues.

Bitcoin soared to $42,000 earlier this week before dipping below $40,000. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.