According to a report published by The Times, the scandalous HSBC will not allow Bitcoin enthusiasts to invest their profits.
Scandalous move for bitcoin enthusiasts
HSBC, one of the UK’s largest banks, will not allow Bitcoin enthusiasts to cash in on their earnings after the cryptocurrency’s record-breaking rally, The Times reported on January 9.
Meanwhile, other leading banks are refusing to accept credit cards for cryptocurrency purchases.
They hurt themselves
Ran Neuner, the host of Crypto Trader published on CNBC, said that many banks will bankrupt themselves by banning cryptocurrencies.
The largest banking institutions in the UK have been horribly anti-crypto for years. HSBC and Barclays blocked the accounts of a UK bike trader after trading on a cryptocurrency exchange:
Money laundering concerns are often cited as the main reason for their reluctance to deal with crypto.
Still, HSBC, JPMorgan Chase and other major banks helped criminals launder over $ 2 trillion, according to FinCEN reports leaked in September.