UK: HSBC stops supporting cryptocurrencies? The recent tightening of regulation in the UK has led to the expected reaction from banks. HSBC has banned the deposit and withdrawal of cryptocurrencies from crypto exchanges for security reasons. Others followed him, banning the purchase of crypt from credit cards and debit cards The UK, like the US, is among the countries with active regulation. This is definitely choking the cryptocurrency industry. According to the founder of Onchain Capital, draconian restrictions on what users of the financial system can do with their money will force them to look for other ways, including just changing banks. Many banks will lose clients. HSBC is now blocking transfers to and from crypto exchanges. 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.https://t.co/x2VcabfCFj — Yano (@JasonYanowitz) January 11, 2021 HSBC has a bad reputation in the banking environment In 2020, the bank was fined $1.9 billion for money laundering following an information leak on the network. HSBC's transaction rates plummeted in September 2020 after reports that the bank had laundered more than $2 trillion. So it’s just hypocrisy that the bank is now prohibiting its clients from working with bitcoin. Many banks will put themselves out of business like this. pic.twitter.com/7JvRT777qT — Ran Neuner (@cryptomanran) January 9, 2021