As the adoption of BTC and cryptocurrencies is gaining ground every day, some banks like HSBC have therefore decided to back down and ban their customers from buying cryptos using their bank credit card.
A procedure visibly put in place since the beginning of last month for HSBC, the largest bank in the country. The reason given in its press release: “This is due to the possible risk to customers”. But more precisely, it is the consequence of warnings issued by the Financial Conduct Authority (FCA) about a high risk in the cryptocurrency market predicted for several years.
HSBC is not the only bank to restrict the freedom of customers wishing to buy Bitcoin and cryptocurrencies, Nationwide Building Society, Banco Santander, Lloyds Banking Group and Natwest Group now impose limits on UK customers when purchasing crypto-currencies.
The banks involved say they are following the recommendations of the UK regulator, the Financial Conduct Authority (FCA), which has warned banks about the risks associated with the crypto sector.
