According to The Times, Bitcoin investors may have to find an alternative to HSBC if they want to convert their investments back to traditional currencies.
Crypto coins have become on the agenda again, especially with the significant increase they have made recently. As Bitcoin breaks record after record, many think it will continue to rise. According to The Times, some banks continue to be wary of cryptocurrencies.
Being among the largest banks in the world, HSBC will not allow money transfers to crypto money exchanges. In addition, money from these exchanges will be prevented. Although HSBC’s measures are tough in this area, other banks are not very friendly to crypto money.
Crypto investment has become difficult
Many people use bank accounts and cryptos for cryptocurrency investment. For crypto money exchanges, many banks allow investors to transfer money from their current accounts, but they can enter crypto by withdrawing money from their credit cards.
To buy crypto money, it is necessary to use a crypto currency exchange. You deposit money into your account using a bank transfer or a card. You can then receive crypto money for the money you deposit in your account. When you sell these crypto coins, they are added to the balance in your account and you can withdraw them to your bank account. Some banks will not allow this.
The Times’ report dated January 9 stated that HSBC, one of the largest banks in the UK, will not allow Bitcoin investors to cash out their earnings after the cryptocurrency’s record-breaking rally.
Anti-crypto continues in the UK
British banking institutions have been following strict policies against cryptocurrencies for years. HSBC and Barclays also blocked the accounts of a UK investor trading on a cryptocurrency exchange.
One of the most important drawbacks in crypto money markets is the concerns about money laundering. On the other hand, major banks HSBC, JPMorgan, Chase and other major banks helped criminals launder over $ 2 trillion, according to FinCEN files released in September.
Bitcoin has started a bearish trend
After this decision of a large bank like HSBC, Bitcoin investors seem to have decided to be more cautious. Bitcoin, which reached $ 41,500 last night, is currently trading at $ 38,350.