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HSBC, the largest bank in Europe, blocks crypto payments

ccnews24.net 12 January 2021 15:16, UTC
Reading time: ~1 m

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Some banks are not enthusiastic about the growing interest in cryptocurrencies, as evidenced by the UK bank HSBC.

British investors who managed to profit from cryptocurrencies during this period are not welcome in some banks. In this case, it is HSBC, which does not support transfers from cryptocurrency exchanges.

The hostile attitude from HSBC was reported by the British daily The Times, which also stated that bank “does not process cryptocurrency payments or allow customers to bank money from digital wallets.”

As for the other leading banks in the UK, they will accept transfers from digital wallets to current accounts. However, if customers want to use their credit card to buy or sell bitcoins, this will not be possible.

HSBC was the 6th largest bank in the world in 2020, and the largest in Europe, with total assets of $2.715 trillion (as of August 2020).

Read also: India is in favor of cryptocurrencies and opens the world’s first physical crypto bank

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