HSBC customers report blocks on crypto transactions
Near the end of 2017 bull-run, the euphoria was widespread. Some daring individuals even went as far as remortgaging their houses to “get rich quick” by investing in cryptocurrencies. Others started using credit cards to increase their purchasing power. As the market’s trend shifted, banks began banning crypto purchases using credit cards.
The ban on crypto purchases by credit cards was justifiable, as many were likely to have defaulted on their debts. Nonetheless, buying cryptocurrencies with debit cards was permitted by banks. After all, users would be carrying the risks. People were free to spend their own money as they wish.
A recent Reddit thread titled “HSBC Apparently Blocking All Crypto Purchases..?” Includes the conversation between a user unable to buy cryptocurrencies with his debit card and one of the bank's customer service agents:
HSBC: ”Well, HSBC has decided to not allow this kind of transaction because cryptocurrency is especially volatile" User: "I don't want to take it out on you, but what you're basically telling me is that HSBC has decided to tell me what I can do with my own money?" HSBC: ”Unfortunately for these kinds of transactions... I guess so..."
This conversation, which is yet to be confirmed by the bank, could indicate possible regulations clamping down on cryptocurrencies that are yet to be announced to the public. We have also received information that HSBC may not the only bank taking such a stance, another bank rumoured to be monitoring crypto movements is NationWide.
Image licensed via Shutterstock
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