HSBC, the largest bank in the UK, is blocking money transfers to crypto exchanges, The Sunday Times reports. As a result, residents in the country will have to find alternatives to convert their funds to fiat money. BlockWorksGroup founder Jason Yanowitz said:
"Legacy financial institutions will do everything in their power to stop this movement. They’re literally denying their customers access to the greatest performing asset of the past decade."
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UK and US banks that process crypto-related payments do not always allow credit cards to be used.
Let's remember that on January 6 a new law came into force in the UK prohibiting the sale of crypto derivatives to retail investors.